Ann: Emily Star Drilling Results, page-33

Indeed, a typo. The other mentioned companies' GOLD reserve is expressed in koz.

Interesting report.

Comparing AIC and HGO, both the smaller players in this report.

AISC: HGO = US$2.56/lb whereas AIC = US$3.86/lb.

SOI: HGO = 1.9 billion, which IMO is something that holds many investors at bay. AIC is a more reasonable 462 million.

I think the most important statement in this report is:

HGO represents an opportunity to pick up a relatively budget – circa $113m market cap – copper play
right on the verge of first revenue. While the stock may be repriced on revenue and production
milestones, a bigger gain could be realised in resource upgrades and mine expansion.

My SP target price based on the current information is $0.10.

If they indeed realise resource upgrade and expansion we could well hit $0.20, as we are only utilising some 40% of processing capacity if I recall correctly.

HGO is potentially a nice little gem.