Ann: Exploration Update - Exceptional Intercept, page-165

Regarding Sky Fox, I am very optimistic about the assays - my reasons are the mineralisation description smacks of NN high grade when one compares the descriptions like I did, they have never released mineralisation description of any holes other than for NN and then only when it had visible gold plus (so to release them for 2 SF holes with no visable gold can only be described as a big step) and when they have released mineralisation descriptions they have all come back with very high grade assays on widths that approximately matched the mineralisation descriptions/widths. SPR released the mineralisation descriptions for a good reason - ie they are very confident they will come back as very high grade.

If the two Sly Fox holes come back with NN like very high grade assays we will still need another 5 or more holes to understand how widespread the very high grade areas are and find out if it is another NN or a poorer cousin or a better NN cousin.

I am very sceptical that NN, 4P, WW and Sly Fox all join up at depth. If that were to happen and the grade was like NN then we would be looking at a potential of over 10mOz+ deposit which I believe is highly speculative and highly unlikely. SL probably has his reasons for saying they likely join up but he needs to explain them and until then I remain sceptical. We don’t even know if two of the deposits join alone all of them. If they did all join, with a rising POG a SP significantly over $2 is possible but timing is anyone’s guess.