Ann: Company Research Note , page-2

This report looks a little soft, talking up EV/oz valuation basis on 100% basis for peers then discounting PVM resources to 60% on an NPV basis. Suspect management will start to talk up expanded production options given current and potential resource upgrades in early 2012. PRU is looking at 8Mtpa btw. Bit suprised this report didnt make some other assumptions for expanded open pit and UG and/or potential larger resource base.

Also discounting recovery is odd for a former producing mine, will artificially increase stated cash costs.

150M out of 200M shares plus all the warrants are on the tsx, so suspect we will follow the seal clubbers lead.