Gold, page-2

I am hoping for a 20-25% increase in production in the June quarter as compared to March. This is based on:

- 10% increase in ore volume stacked on leach pads

- 15% increase in head grade of ore stacked

- better leaching dynamics due to warmer, drier weather now that its well into spring

If I am correct, and gold stays at above $310, I think BSG will threaten 20c. If the Gergian operation achieves closer to 28-30,000 oz, 20c should be easily breached, all other things equal.

angus