blahhh, page-6

G'Day Red

I am fairly confident we will get PFS by mid to end of June. Reason being is that in the Quarterly, most of the items in the PFS were complete and it was undergoing final validation of the facts and figures, especially OPEX.

Dream scenario would be a resource upgrade to Apurimac to about 250-300 million tonnes, maiden resource at Cuzco of about 50-100 million tonnes and a PFS that shows OPEX around US$17-20 and CAPEX around US$1.7 billion for Stage 1 20Mtpa operation. All by the end of June.

If the share price still stayed under $3 then I would be astounded.

A more realistic scenario would be PFS by end of June with resource upgrade end of July followed by another resource upgrade end of October. I have just added in delays as everything with SRK seems to go slow. Whether that is due to the approvals process in Peru or getting human resources or whatever, I don't know.