Ann: Gilded Rose Sale Update, page-58

Thats the point - the company hasn't given us any detailed info about where any of this drilling is, you can drill hundreds of drill holes in an area the size of a tennis court if you want and come up with a very small JORC compliant orebody, or you can drill hundreds of holes 1km apart and not prove up a JORC resource or reserve at all. Its all about the spacing of the drill holes along strike and down dip and having enough assay and geological continuity to define an orebody with enough confidence.

Sure data compilation takes time, and there was a lag with the assay lab turnaround times but c'mon - 3 months late for a resource calculation? What does that imply?

The most logical inferences or possibilities are:

1. the forecast/predicted date for resource estimation was way too optimistic.
2. more work/drilling is needed because there isn't confidence in data they have.
3. some other contractual dispute, or undisclosed requirement hasn't been met.