Ann: CARLOW CASTLE Au-Cu-Co METALLURGICAL UPDATE, page-50

Hi ghosta,  I don't know what the price is for concentrates versus pure metal.  It has to be less as the concentrates have to be shipped and reprocessed to extract the metal.  I also have no idea on how much that would cost.  I assume that a Carlow Castle feasibility study would use only high gold grade areas for mining given that Artemis has 3 or 4 similar gold/copper deposits scattered about.  Say to 2 to 3 years of operation for each deposit  with areas of gold 5 gpt  or greater with other metals as costs offset.  Gets you 10 years of Radio Hill operations at a good profit.   The problem is if they have 3 or 4 deposits with 10 million tons of ore worth processing, then Radio Hill's capacity would need to be tripled.  Probably why they're having to upgrade and enlarge the tailings ponds.  To me, the conglomerates have much more potential than the structural side but it's nice to have the option  to process both.  Artemis is paying Novo $2.5 million plus 20% admin fee to explore Purdy's.  Hopefully, Artemis personnel have access to all the data being generated so Artemis can run conglomerate operations on its own when the time comes.