Ann: Noosa Mining Conference Presentation, page-4

Very valid points here and I have seen enough projects fail because the did not do enough drilling to prove up the reserves. The early ounces were good but then they struggled. However, in the case of this project we have enough large players who have spent time themselves ie Lion/Australian Super/Pt Indika) to give you the confidence the project will proceed and the risk of failure is reduced. I do think the the rate used of 5% in the NPV is way to low. 8% should be the minimum or better 10%. Even allowing for this we have a market cap of $60 m versus a NPV $517m which give ius some room for error