Ann: Revised Sissingue Gold Mine Feasibility Study, page-3

Hi Markie

I have to say I invested in these guys in the heady days under Mark Calderwood and did pretty well, so I don't like to put a downer on things here, but became disenchanted with PRU some years back, when Edikan didn't quite live up to the hype. This latest announcement that they are finally looking to develop Sissingue amazes me. I think back to around 2010 when gold was a similar price and they apparently had a near 700,000 oz reserve that were going to produce 330,000oz over the first two years and pay back the US$110M capital suggested in under that time. Now it's a 420,000oz, a meagre 5 years mine life and a payback of near on 3 years. Personally, can't see it happening. Too much risk and this is without costing in the negative security reports coming out of the northern parts of the Ivory Coast over the past 6-12 months.

The CEO's statement about needing to diversify now also doesn't seem such a positive signal. I certainly would think Cote d Ivoire is a riskier proposition than Ghana at the moment ie. Ghana is a country with a strong mining history , where you have a mill and are producing bars of the yellow stuff. Bit more contemplation and watch this space on this one for me.