december quarterly activities report

Very positive...

"Phu Kham Copper‐Gold Operation, Laos
? Record quarterly copper production of 18,871t of copper: average C11 cash cost for the
quarter of US$0.76/lb copper after gold and silver credits.
? Total copper production for 2010 of 67,806t at an average C1 cash cost of US$0.87/lb
after precious metal credits; gold and silver production for the year of 60,642oz (in
concentrate and dor?) and 507,590oz respectively.
Growth Projects
Approval for Phu Kham Upgrade Project to increase ore processing and recovery rates
? PanAust Board approved a US$110 million development to increase nominal ore
processing rates from 12Mtpa to 16Mtpa from mid‐2012.
Ban Houayxai Gold‐Silver Project, Laos
? The Project remained on schedule at the end of the December quarter with
commissioning anticipated to commence in December 2011.
Inca de Oro Copper‐Gold Project, Chile
? The Company has been advised that the process for issuing the Presidential decree,
authorising the transfer of a controlling interest in the Inca de Oro Project, is close to
finalisation and that there are no material issues preventing finalisation.
Phonsavan Copper‐Gold Project, Laos
? Further encouraging results from resource drilling at the KTL copper‐gold deposit.
Corporate
? At 31 December 2010, the end of PanAust?s financial year, the Company had cash of
US$185 million, debt of US$45 million and undrawn debt facilities of US$40 million.
? Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) for the 2010
year were US$299 million (unaudited).
? EBITDA for the 2011 year is currently expected to be between US$335 million and
US$390 million, assuming copper prices between US$4.00/lb and US$4.50/lb
respectively2."