Ann: CEL Continues to Progress Large Scale Ecuadorian Projects, page-29

The Lumina Gold PEA out today gives a good guide to what they could be on to in Colorado V even if the ore body only goes 0.6-0.7 g/t Au

• Life of mine ("LOM") average annual payable production of 366 thousand ounces gold
• LOM average annual payable by-product production of 46 Mlbs copper
• 25 year mine life• 40 ktpd processing operation from years 1-5, with an expansion to 80 ktpd in year 6
• After-tax NPV (5%) and IRR of $1.6 billion and 16.2%
• After-tax NPV (5%) and IRR of $2.5 billion and 21.7% using $1,680 per ounce gold (see Table 1)
• Average cash operating costs of $545/oz and all-in sustaining costs of $604/oz, net of by-product credits
• LOM processed grades of 0.56 grams per tonne ("g/t") gold and 0.10% copper