Ann: Appendix 3B-MNM.AX, page-52

I really dont understand the negativity towards the BC side of MNM. Gold and BC are a great hedge for each other and provide an excellent diversified strategy. Obviously there is little point in spending money on the BC right now as gold is where the return lies. Picking up MCO was an opportunity too good to miss but I would prefer a much more focused effort at getting Norton into production before then focusing on MCO.

Selling GC or CT or both would be well worth consideration at this point, especially if MCO is seen as a good long term mine.