Ann: Quarterly Cashflow Report, page-6

A rise in Admin costs at this stage of the Project is to be expected as the work load increases, you only have to look at the number of Technical studies now being undertaken (Page 10 & 11) in preparation for the PFS. Preparing an EIA is a major and staff intensive task, also Management have and will be doing a lot of promotional travel to London in preparation for the LSE listing. We can expect cost centres to shift from Exploration to Technical / Admin now that the Resource has been drilled out; I would rather see a more money spent over a short period than a drawn out drain over ten or more years as exhibited by some of our Peers.