Ann: Exploration Progress in Cote d'Ivoire and Liberia, page-3

Big drop today on reasonable volume.

Announcements are all systems go. Could be that people who took up the IPO have just decided to cut their losses or it’s a bout of tax loss selling.

Shares on issue =approx 201.5 million

+ first part of tranche 2 subscription = 15 million shares

Second part of tranche 2 subscription, assume $1.5 million/ $0.105/share = about 14 million shares

So possibly around 230.5 million shares on issue if the price doesn’t fall further.

Cash of approximately $4.85 +$2.25 + $1.5 = $8.6 million

EV at 10.5cents per share = (230.5 million shares x $0.105/share) -$8.6 million = $15.6 million

Currently 703,600 ozs JORC inferred resource at 2.1g/t

EV/ Resource oz = $22/oz

Does anyone know what gold price this resource is based on?

Eshmun