Ann: Full Year Statutory Accounts, page-19

Here ya go JSSF.......................knock ya self out on this . Looks like we are only carrying around $280K forward in any year

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

(b)Exploration, Evaluation and Development Expenditure
Exploration and evaluation costs are written off in the year they are incurred. Costs of acquisition are capitalised to areas
of interest and carried forward where right of tenure of the area of interest is current and they are expected to be
recouped through sale or successful development and exploitation of the area of interest or, where exploration and
evaluation activities in the area of interest have not yet reached a stage that permits reasonable assessment of the
existence of economically recoverable reserves.

When an area of interest is abandoned, or the directors decide that it is not commercial, any accumulated acquisition
costs in respect of that area are written off in the financial period the decision is made. Each area of interest is also
reviewed at the end of each accounting period and accumulated acquisition costs written off to the extent that they will
not be recoverable in the future. Where projects have advanced to the stage that directors have made a decision to mine,
they are classified as development properties. When further development expenditure is incurred in respect of a
development property, such expenditure is carried forward as part of the cost of that development property only when
substantial future economic benefits are established. Otherwise such expenditure is classified as part of the cost of
production or written off where production has not commenced