Ann: Maiden Ore Reserve Estimate, page-54

The reserve statement doesn't make the current stated resource incorrect and a good example of reserves within the resource would be the market darling Sandfire at the beginning of the year releasing a reserve statement (12.4 Mt resource @ 4.7% with a reserve of 10.6 Mt @ 3.5%) and looking at Cudeco (30 Mt resource @ 1.01% with a reserve of 28 Mt @ .71%) with contained metal falling between the resource and reserve at DeGrussa by 35% and Rocklands 36%. Did Sandfire lose its darling status and drop significantly? No! Did it mean the JORC was incorrect? No...

If the resource at Rocklands has been under stated the proof will be once milling commences with a more indicative composite sample obtained rather than a broken pile of rock and blast hole samples which the company has never disputed correlates well with the resource model...RAB sampling has a bad rap on nuggety deposits which is well documented and so much so that the experts which compiled the resource statement dismissed 10% of the drilling conducted on Rocklands because it used RAB.