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Ann: Full Year Statutory Accounts, page-2

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    Review of Operations & Significant Changes in State of Affairs Mount Morgan Gold & Copper Project During the period, Carbine Resources conducted development work on the Mount Morgan Gold & Copper Project, Queensland. A pre-feasibility study has identified a minimum 8 year mine life on the current JORC resource base for the production of 31,200 ounces of gold, 3,200 tonnes of copper sulphate and 211,000 tonnes of pyrite concentrate per year for an all-in sustaining cost of only US$234/oz. A definitive feasibility study is currently underway.
 
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