Ann: Extension of rights issue closing date, page-64

If you update to an "ore reserve" it gives a legal standard of certainty, and shows metallurgy is up to a standard. Offtake partners will need the met, and they can assess your ore reserve easily and independently. Its a great advertiser to partners and financiers and gives a high level or certainty.

However if you don't then you risk people moving on to the next one that has, and you risk having a lack of interest.

Okay the company don't want to do this, so why hasn't the plan gone ahead from the 2015 announcement?

Any offtake partner and financier would want to see the original pre-feas work, and as I said I can't see Golders endorsing anything without an "ore reserve" which requires the next level of met testing, etc to be completed to remove any particular uncertainties in the mineral resource. The risks of these can sometimes be large, and can be mitigated, but maybe have not. If there was an "ore reserve" you'd be certain they have been mitigated.

The company have been announcing this project for a very long time, yet have not spent money on doing so. Yep drilling, consulatnts, geologists and engineers cost money, $500k minimum, but this is a "p1ss in the ocean" compared to the possible profit. Why spend the amount of money required on other projects going nowhere for years, yet not do this level of certainty, that having done so would remove any issues and see the project go ahead?