Ann: December 2011 Quarterly Activities Report , page-11

re: Ann: December 2011 Quarterly Activities R... $65M to bring Murchison into production early in 2013. Fully funded by completed $70M cap raising. One of the most successful cap raising I have seen in a long time.

Murchinson is free from here on and will deliver a positive return in 2015.

Additional cash on hand, still generating ever increasing profits.

I expect SLR to keep a healthy amount of cash on hand whilst developing Murchison and continuing on with drilling. It would also be a bit contradictory to have a cap raising to bring a project into production and return money to investors prior to completion of that project but, dare I say dividend before end of 2012???