Ann: Godolphin Board Changes, page-7

Amigo, there is a reason for drilling before the mining. The Mt Aubrey drilling for example showed that 1) mineralistion continues well below the JORC depth, and 2) there is a supergene gold layer. That supergene layer will be much richer than the mineralisation below it. So far they have hit part of the supergene with one drill hole, so they need to drill around it in order to discover how thick & wide plus what grade it has. The next drilling program should give GRL the data it needs to increase the JORC. Then the possibility of profitable mining is a big step closer. "Grade is king" because a thick high-grade supergene layer near to surface will be mined first (before the lower grade and deeper ore). That supergene layer will pay for the Capex and give positive cash flow. Then the deeper and lower grade will be mined. that's my take on it.