Ann: Core Definitive Feasibility Study Presentation, page-25

The recent but late BP33 drilling announcement the other day was a response to the fact that the DFS only includes Reserves and only 70% of that is deemed recoverable. They thought they could include Carlton but that was only inferred. No inferred allowed in DFS. They (management) did not seem to know or understand this when they said Carlton was going to be included. Remember they raised money to drill, why? Three months later no real increase in measured and indicated, why delay the DFS. For the first time I am concerned with management, but only a little bit. I am a long time supporter of the company and staff but I am a little confused over the last four months and I also think the hot money is leaving the building because NPV is not what some were expecting.