Ann: Competent Person's Statement, page-2

Buried in that announcement was some understated key phrasing.... it relates to the conversation that we were having recently regarding average carat prices....

1. This provides a range of $US465/ct and $US6,954/ct. An average per carat value of $US500 has been attributed to the diamonds for the Exploration Target model. This is probably on the low side as work to date suggests that special stones are a normal part of the Lulo production.

I love the fact that our competent person thinks that the "special stones" which create massive per carat costs are a normal part of the concession... This makes me very happy that i doubled up recently.

GLTA - N