Ann: Conquest to Progress Towards Production at S, page-29

re: Ann: Conquest to Progress Towards Product... Thadius

Yes I was way under and waiting for someone else to do some more in depth calcs. I had also forgotten that as a result of selling the sludge you can't credit the copper as gold equivalency. As part of the process for selling the sludge the buyer has to process it further and as a result they get the free kick with any copper or zinc that is produced. So copper need to come out of the play, hence the term precious metal sludge. This reduces the total value of the project marginally.

Having said that it is a great deal cheaper to produce, there are not as many environmentl issues, and you get to make money quicker.

That still means 1.8 million ounce resource based on Marchs update. (based on gold actuals and silver equivalency). Not sure where the 800,000 ounce resource is coming from.