Ann: Notice of General Meeting/Proxy Form, page-6

The positives I see:

1. The monies have been raised from shares issued and used directly to move towards drilling for KG...
2. Monies raised to pay for work and contractors for KG.
3. Industry experts like klaus are ones that are handing over monies and buying shares (as he said he bought 180M of his own shares) where he would know the potential and in the know how...
4. Gold price has increased 10% in past few months from US$1462 to yesterday $US1619 - so with capex to pull new gold out of the ground at around AUS$1200/oz, and gold price now nearing AUS$2500/oz....expected profits are only going to be higher if gold price keep increases.

If CLZ have 331K oz resource already from 2 sites and KG adds in even another 700K oz - with 1M...this is my calculation below (IMO and EST only based on AISC

"Overview - AISC The average All-in Sustaining Cost (AISC) for Australia and New Zealand was A$1,255/oz,
- Cost to build a plant : AUS$500M - estimate only
- If CLZ have a resource estimate inc KG and lady ADA/Mag of 1m Oz....
- LOM say 12-15years
- capex : AUS$1250/oz
- gold price : AUS$2500/oz now

1m oz...taking all into consideration : at lowest I would expect profit of around $600-$700m considering status quo in relation to gold price/currency.

So, this number can go higher if Resource is upwards of 1m oz.

This is all an estimate only and based on my research of costs of mining in gold production. The likelyhood of this getting of the ground could take upto few more years also. There are many milestones to reach before company can reach a decision to even build a plant. Like Spectrum metals, CLZ need to get into the Advanced explorer stage first....

The Negatives:

- No of shares issued....until consolidation (IMO will have to be done at some stage and likely to be 1/8-1/10)

If anyone thinks my figures are out, or I have missed something, let me know.....