Ann: Arrowsmith North BFS and Maiden Ore Reserve, page-139

Hi Jnene,

The uper end of your expectation (Muchae being 4 x Arrowsmith North) cmes out at $0.175 cps. I'd be happy with that

	Income
1	25y sales	$2,773,000,000	$11,092,000,000
2	25y Cash flow a/tax & finance	$835,000,000	$3,340,000,000
3	Cash flow a/tax & finance p/a	$33,400,000	$133,600,000
4	Share on issue
5	Shares	404,000,000	404,000,000
6	Options	72,000,000	72,000,000
7	Total	476,000,000	476,000,000
8	Earnings / share after tax & finance	$0.070	$0.281
9	EPS 50% discounted	$0.035	$0.140
10
11	EPS (Arrowsmith North & Muchae comb.) 50%		$0.175