Ann: Investor Presentation, page-15

Legitimate comment riskon22. The PNG government are intent on taking big stakes in all new resource projects. For example, Porgera was doing 500,000 ounces a year two years ago and a good profitable mine; it's been doing zero ounces for the last two years and still shut down due to government negotiations for a 51% cut on the new tenement lease. New development in the oil and gas sector is also at a standstill for the last two years, basically due to the same issues. Kingston's Misima project is bound to see the same issues appearing if there's money to be made . And investors don't like PNG government as a shareholder because the government's credit rating is junk... in a nutshell, they're not investment grade... so good ounces in the ground, but poor investment background means this will be a very difficult project to realise... best option may be to find a Chinese investor who's less risk averse and sell out for the ounces in the ground.