Ann: Misima PFS and Maiden 1.35Moz Ore Reserve, page-22

Because Hendo the $ spent on Livingston should have been spent on Misima drilling so we didn't have to rely on inferred resources to support a FS which has a bloody big cautionary statement on the first page FFS. Really basic stuff. Imagine the NPV improvement and risk profile reduction if there was a low cost 400koz (maybe more?) initially from starter pits as measured and indicated, ie all in reserve. Bad enough investors have to get over PNG as a risk we can't even nail down the MRE to the highest classifications on a large low grade deposit despite plenty of time and money. Real money investors and funding providers will laugh and say ' come back when you know what you've got and can guarantee my return' Also the bloody biggest risk is how you dispose of the tailings. Just an off the cuff reference in the PFS in this regard. We think we can throw it deep into the ocean but we will look at that another day and get back to you........ This is the biggest RED FLAG for the project and should have been addressed and sorted to the most advanced position possible at this point in time. Where is the risk matrix for this project? Missed the first two big ones and that is what FS's are supposed to do. Address and reduce risk on the way to a bankable project.
I mean the rest of it is a cut and paste from the previous operation that took 12 months to do and is virtually risk free due to brownfield nature of those components. The effort needed to be and still needs to be directed towards nailing the resource/mine plan and the tailings disposal solution in a new century. AMATURE HOUR continues. That's why SP can't break out above 12 month highs no matter what the gold price does. Hope the bloody new Chairman cleans out the board and management and gets this sucker on track