Ann: Old Pirate Gold Mine Operational Review, page-40

Let's have a look at the facts as we know them now.

FACTS
1. Mine production (head grade) running at 70% of estimate.
2. Still cash-flow positive.
3. 2,472 oz produced in Oct, despite stated crushing issues.
4. Grade in Nov processing to exceed all prior months, presumably more gold produced.

QUESTIONS
1. Is the gold still there?
2. How difficult will it be to change mining plan to achieve higher grades?
3. If operations continue at 70% of original estimates does this mean 35koz- 42koz pa? At $300 poz profit
that would be $10 t0 $12m pa.
4. What are actual AISC running at?
5. Do we have more faith in the company management now?
6. Does anyone still believe DH went voluntarily?

PB