oxide project update, page-4

flambouya, I'll be keeping a close eye on the closing auction today, would not surprise me if there is a very strong finish....JMO as such a daily trading pattern has played out previously.

Re the Oxide resource section, my understanding is that the resource is all Au and Ag, the Cu and Mo is in the porphyry resource section below the oxide cap. There was great emphasis on recovery rates in todays announcement and that needs to be closely looked at......it appears the heap leach method allows for greater low grade resource to be processed and is also cheaper, the trade off being less recovery of the silver.

It's not totally clear, but at this stage I am reading the annoucement to suggest that there are 2.4mil ozs of Au with a recovery rate of 80%+ (=1.92mil ozs + of final product) and 80mil ozs of Ag with a 30% + recovery rate (=24mil ozs of final product). I'm happy to be advised differently regarding my understanding here.

The resource is still inferred but I would expect a step or 2 up the ladder in conjunction with the Oxide PEA.

I think the SPP is still having effects on trading (the SP actually hit the SPP price of $1.78 in Toronto on the night before last before bouncing back to $1.92). Hopefully, the SPP will be fully allocated and the company will be loaded to the gills with $$$.

Of course, the drilling on the giant underlying porphyry resource is continuing with a 2nd resource estimate coming in the new year.

Cheers
BG