Ann: Havilah To Proceed With Portia Gold Project , page-2

re: Ann: Havilah To Proceed With Portia Gold ... The Portia economics over the last few years have certainly improved: from a cash surplus of approx. $10 million to $40 million.

"The Company is currently finalising the Mining and Rehabilitation Program (MARP) for the open pit operation, which will be lodged with PIRSA as soon as possible.

This decision commences the transition of Havilah from an exploration company to a producing mining company."

The question for shareholders, and hopefully it will be covered at the AGM on 7 December 2010, is how long before the MARP is approved by PIRSA (one month, two months, six months)? As Uncle Bob has said in the past, the SA red tape is a killer!

HAV may be in development by middle of next year, subject to PIRSA and the rains. Producing possibly late calendar 2011 but more likely early calendar 2012, IMHO.

Good news for every current shareholder.

Cheers