brr announcement what did it contain folks, page-40

Katana

re: Armenia -
The drilling is still going ahead ..as HC explained if there was any reservations that the Armenian project was a no goer - would TMT be commiting to 45,000 metres of drilling ?

I dont know of any polymetallic gold deposit with this amount of byproduct credits coming from Cu, Ag that has failed.

This wont fail.

If there are some metallurgical issues they will be resolved - there's no issue that cant be - especially with the amount of by product credits helping here.

This will be one of the lowest cost gold mines,

i accept the given reasons - that it would be premature to take on debt, especially in todays market conditions and run the risk of rushing out now and building a plant that will not suit.

Let's find more gold, silver and base metals with this drilling and then build the right plant.

Simple and credible reasons - .

I accept them - because I know that the by product credits make the Armenian project low cost and therefore viable.