Ann: Exploration Update, page-26

Well, let's see what happens. Two points I make:

1. when Troy brought the West Omai project (now called Karouni) from Azimuth in 2013 they were showing that Smarts had inferred resources of 980k tonnes at 5.1 g/t (2 g/t cut off). Then they claimed that it was all too hard and walked away from going underground at Smarts. But now they think they're saying that the work by Azimuth might have been right after all. So, Troy isn't actually "discovering" more gold with these recent results, rather they are finding some gold that they had misplaced for 6 or 7 years. Just imagine if Troy had been mining 80k ounces of gold at 5.0 g/t for the last six years like they thought they would be when they bought the project ... The trouble I have is, which modelling is correct. Could be what they are claiming now, which is great, or it could be what they have been claiming for the previous 5 or 6 years, which is far less good.

2. Also, let's not get carried away with guessing how much mineable gold they have found at Smarts deeps. I seem to recall that 18 months ago Troy management was raving about the Tallman deposit and some here, not naming names but you know who you are (and it's not kojak), were talking about Tallman being a 500k oz deposit. So where are we with that? Tallman hardly rates a mention these days and it got JORCed out at 30k oz.