open briefing update on walhalla, page-12

Stoss,

You are rght but also consider that BDG was using large scale equipment to mine and haul the dirt to the surface. This equipment added to their high operational costs.

By comparison, GDR will be at the other end of the spectrum in terms of operating equipment, people and transportation costs.

At this time, it is my expectation that GDR will be less than A$350 per oz.

Comparisons with BDG are, IMO, futile. There is little to compare!

All the best.

scd