Ann: Consistently high grade returned from recent drilling, page-17

Thanks for your thoughts tipton.

Given the fact that SA/Australia is very supportive of mining i.e. no sovereign risk like in Africa and most countries elsewhere, and given that AR3's tenement is likely to host a lot more, AR3 should be able to get a major mine/plant successfully up and running within a few years.

I think it is also fairly safe to assume at least a 60 per cent recovery.

I therefore think that AR3 should be able to generate at least US$250 million a year (A$340 million).

Of course the devil is in the details.

Cheers.