Ann: Investor Presentation, page-5

I am only a bogan, not cashed up, but lots to correct in your post.

1. The decline is already in place. Actually because of all the close parallel lodes the driving is very efficient.

2. The reason for the fall in grade is they have widened the ore drives and then used ore sorting to pull up the grade. The advantage of this approach is that they can be a lot less worried about dilution which is the big problem with underground mining of narrow vein ore. Just run a massive drive down the middle and let the ore sorter fix everything.

3. The reason they haven't drilled to the south is they have only just got approval to drill there. Instead of worrying about this, look at it as cream on top. The south will almost certainly have alot of gold. The same applies to the deeps which are also open. Way more than 250k oz will come out of Rothsay.