Trading Halt, page-53

Hi all,
Commissioning material 12,972t @ head grade of 5.73g p/t= 74,329 g =2,390oz.

imo -Since commissioning 28,028t through-put @  a head grade of 13.146 g p/t
(368,471g -11,848oz)- to enable the average 10.8g p/t head grade-(mill feed grade)
that's been reported thus far as of 30/09/15.

Total oz processed =41,000t @ average head grade of 10.8 g p/t =442,800g-14,238oz.

Total recovered from 41,000t@=7.595gp/t =grams gold =10,013oz-311,404gr

Equates to 41,000t x 3.205 g p/t in lock up =131,396gr -4,225 oz-or 29.66%.
(in theoretical lock up).

Now consider a head grade of 13.146 g p/t for through-put of 28,028t would have
needed to be maintained since the low grade commissioning ore of 12,972t @ 5.73g p/t
was processed to enable the reported 41,000t @ an average head grade of 10.8g p/t
reported as processed up until the end of September.

In the Sept quarterly 30/09/15  check out the circumference & aggressive development of
the Golden Hind open pit shown in aerial photo's taken, the pit floor was approximately
15 metres below the natural land surface @ the time of quarterly & only one metre
away from being able to commence the extraction of extremely high grade ore
shown @ 16mts in drill intercept @ Golden Hind-(note 16 mts depth ).

Drill hole GHRC100014 intersected the widest high grade intersection drilled to date on
the project, the main high grade vein was intersected at 16 metres depth and averaged
of 546g/t gold over 3 metre width within a zone of 15 metres averaging 118.5g/t gold
either side of this vein are other high  grade structures.

We would have been feeding coyote an average head grade 13g p/t since commissioning was
completed as the total  average of 10.8 g p/t-(inclusive of the low grade 5.7g p/t ) has been
reported, & as we would now be feeding coyote extremely high grade ore sourced from
Golden Hind & imo with the coyote gold processing facility reverting to normal gold recovery
after saturation cycles complete, would be grounds for a trading halt.
GLTAH-imo
salt