Ann: London Presentation , page-35

sorry but my pesky day job got in the way of my feedback and I must keep it brief today as I have little time. Basically, confirmed the follwing:
1) that they are putting in place a new winder to increase loads and speed by 5x, to be installed by Feb-March and already paid for
2) they are mapping and sampling Loch Fyne, weather permitting as it is closed in peak winter months
3) no hedging in place
4) Target tonnage is 120,000 pa
5) Costs per Oz: $600 in model, but admitted they had not factored in the positive impact due to economies of scale
6) Net Profit target is clearly 40mn plus pa over next several years
7) Confirmed that basically 4 mining areas are ready to go (no details on exactly which, but we know)
8) Mill: is easily scalable beyond what has been discussed, looks like a good use of cash
9) About 10% of gold in tailing to be sold off to third party for processing; they may eventually go for their own facility in the longer term but no plans for now
10) Production to commence by end of November

I hope that this helps everyone.