Ann: Corporate Presentation March 2013 , page-2

Starting to get concerned with this one.

The permit process seems to be dragging on.

My discussions with the company last year indicated they expected approval by no later that Dec 2012.

I trust there are no major issues in the background and hopefully just government “red tape” causing the delays.

The last thing we want is some permitting issue adding to our CAPEX.

Drilling results for the underground mine were suppose to be available late Feb 2013 according to the latest announcement.

Yet, a month later we still have no information.

We did have some bad weather in recent times so this may explain the delay.

However, my main concern is the latest presentations are not commenting on project financing.

We went from considering a number of CAPEX reduction initiatives (used processing plants etc) to basically not a mention.

Not even a project financing is progressing to plan etc.

Maybe it has stalled awaiting the permitting process etc but who would know.

I like the company and its management and its prospects.

I am still holding, but things seem to be at a standstill in 2013.