General Discussion Topics, page-4322

Thanks Roy. I do like the AAR analogy and would like to elaborate on it and make the following points some of which you have already alluded to, I have also used your broker prices. I like Cannacord's valuation of AAR maybe they can do one for us.

1. Our grade is 2.5x that of AAR and the extra grade is all additional profit per oz. In other words, worth more than 2.5.
2. AAR MER released last month, our MER 18 moths old with an upgrade pending following extensive drilling.
3. Much of our inferred has now been converted to indicated.
4. Ironbark is 100k shovel ready and almost entirely indicated.
5. The following table is not intended to represent a true valuation but just a comparison for ppl to make their own judgement.
6. The key difference between the two is that AAR has commenced production and GBR is in the planning phase and according to GBR management about 6-12 months from production.