value at current market cap, page-20

Must concede that AMX may go lower. Chart looks horrible. Sentiment for gold explorers and West Africa poor. Do not know were the bottom is. But... must surely be thereabouts. Sanity should prevail and I think buyers will start to step up tomorrow.

Market cap now $67m.
Cash approx $30m.
Enterprise Value $37
EV per oz resource gold is $12
Fully commsissioned on Assay Prep Lab (assay backlog cleared and will quickly and efficiently guide new drilling programs)
90 person Field Camp
Konkera Resource (at 1 g/t gold cut-off) represents Burkina Faso’s largest single undeveloped gold resource
High grade component contains 13.9 Mt at 2.9 g/t gold for 1.3 million ounces (2.0 g/t gold cut-off)
Ampella’s landholding at Batie West is one of the largest contiguous granted land packages in Burkina Faso

Aircore results around Wadaradoo prospects pending
Reverse Circulation results from Torkera pending
3400m scout drilling of Konkera South pending
Aircore results from the Tiopolo permit pending

Konkera Resource upgrade soon. (Expect significant portion of 1.6m Inferred to be upgraded to Indicated and added to current 1.5m oz Indicated Resource.)
Maiden resources expected soon for Foumbri and Doubema

Some of the following results released late Oct from around the Torkera Prospect were ho-hummed by some investors but I think some overlooked that these are Aircore (AC) results only and in my opinion are excellent for AC and display outstanding potential of what may come.
20 metres @ 1.7 g/t gold from 9 metres to end of hole
6 metres @ 6.5 g/t gold from 12 metres to end of hole
7 metres @ 2.0 g/t gold from 4 metres to end of hole
4 metres @ 4.6 g/t gold from 4 metres.

(Follow up RC results are pending)

I am in again for 27c. We shall see what happens.

Sarge