Ann: Golden Star Deposit 100% Owned, page-10

Hey FullMoonFever, thanks for getting back and inviting me to make further comments, its great to chat with someone as smart as you:

1) A couple of gold grains 0.01mm small fully encapsulated within a pyrite crystal is the very definition of refractory gold, since its not free milling gold. There's no way those little suckers are coming out of that lattice without grinding it small, floating the grinds, and oxidising it in a kiln.

2) I looked at the bottle roll tests and decided they were principally nonsense since the recoveries exceeded 100% for 25% of the samples - if you can explain why the cyanide process is creating gold I'd love to hear.

3) Queensland minimum expenditures - sadly the system in QLD isn't as transparent as WA. A company nominates its expenditure on application and subsequent annual reports and that's fair enough. If competitors are unhappy about how much work GSN is reporting and spending they can take it up. I can't be bothered to chase up with an FOI. But >

4) What do you think of the financial due diligence I did on their last 5B showing that in order to pay the Cox's Find fee they lose 3 months of opex? Pretty scary considering it brings remaining funds down to about another Quarter. It makes annual expenditure irrelevant when they'll struggle to meet quarterly expenditure beyond July.

5) Here's one for the believers - when I heard the CEO at the Freo conference in February say "they liked what they saw in the Mon Ami drilling while on site", what did he mean? It got a few people here excited but they results they got back were really disappointing. Misleading the market, maybe I guess its up to the sophistication of those that hear it.

Have a great ANZAC Day, my daughter's made ANZAC cookies and we're about to have them with a nice cup of tea.Until we chat again! Looking forward to any other queries you've got.