Ann: Company presentation for 121 Conference in Cape Town, page-12

Tried to do something simple here and compare the staged approach to development which starts with the DMS with the higher capital leach plant.   Which beyond the higher capital cost has challenge of needing a stable source of cheaper electricity than a diesel generator.

Comments in the column on the right.

Keep in mind my estimates are going to have a wider margin of error than a scoping study, which has a +/-30% margin of error, and I have probably put in plenty of errors / mistakes.  You know how to reach me to point them out.

The key numbers to think about are really capital cost vs output potential, and economics can be considered later when management give us more accurate data.

In terms of new mining code I have applied the royalties and reduced our equity in project, but I have not applied the corporate tax as I am unsure how the super profit tax applies, and I don't want to say one way or another if it does apply.  I actually think it doesn't, but to be "safe" consider this on pre-corporate tax basis.


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