Ann: Positive Urucum Underground Pre-Feasibility Study, page-14

Hi John,

Definitely positive about the future prospects of this development. It is feasible with the current drilling and will clearly expand with further drilling.

The capex is low which is great.

The price assumptions for gold make it a robust PFS.

I was a little puzzled that the grade seems to have come down from the early announcements. They were talking originally about 4g/T this is 3g/T.

Over all this continues my general feeling that new management is committed to under promise and over deliver. There's none of the gilding of the lily here we had come to expect.

Cheers,
Tim.