Ann: Exploration Update - Bruno Lewis, page-2

I am pleased to see the resource update still due this quarter, and PFS still scheduled for mid-year.

After the first PFS the MC was about 60 million - double the current MC. The first PFS projected 50 000 oz per year. If the new PFS projects production at 75 000 oz or better, and points to a reserve over 500 000 oz, then a MC closer to 80 or 90 million would be reasonable, particularly given the POG is up a couple of hundred dollars an ounce (X 500 000 oz = $100 million additional free cashflow over the life of the project), and if the extra ounces per annum results in lower costs per ounce.

If that is how it plays out the work being done to define the primary / higher grade ore and pin down and incorporate it into an expanded mine plane, and better define the processing requirements will pay off for those of us hanging in there.

In the meantime, I am inclined to agree with Nowhere Man that any interest generated by small investors by announcements or presentations will be damped by forum regulars - not the details, just a generally negative tone will be enough to send investors to other stock. If the volume picks up as the PFS approaches the forum won't matter as much and the SP might move the MC closer to fair value. Fingers crossed. $27 million is way too low imho.