$20m uplift since 30th june 11, page-8

Regarding the mine life of Raleigh, I did notice the annual report mentioned a depreciation rate of 18% is used for Mining plant and equipment (MPE) as this is in line with the life of mine. So as at 30/06/10 there was ~10.4m in MPE and accumulated depreciation of 3.18m. One would assume based on these calcs that the mine has a remaining life of ~3.85 years from 30 June 10. Of course there are weaknesses with this analysis and I'd say the approach taken to allocate 18% has been very conservative to maximise the depreciation expense, and further to that with the gold price rising and cash costs / oz so low it would more than likely lengthen the time of economically mining.

In my opinion at least 5 years left at Raleigh high grades, last quarterly 14g/t. Would probably still be economically viable at 1-2g/t given the existing infrastructure and gold price