Annual Report & Chairman address, page-32

Names.

I think what has been tripping people up in all this over many years is the difference between the weights of samples.

As I understand it, a tonne of tailings is extracted from the tailings dam and this is then concentrated down to a few kilos of concentrate. This concentrate is then subjected to the Elazac Process and this is where the high reading comes into it all.

The point in all this is that there are virtually no mining costs involved as it has already been mined and is just in a tailings dump, scoop it up and you are in business. Concentrate it down and put it through the Elezac Process and get the gold out, easy-peasy.

The other important point that I have not heard raised lately are the PGM's, and rare earths, that have the possibility of doubling the AU value.

If you don't agree with any of my assessment then please let me know as this is just my reading of proceedings.

Lockitt