Ann: June 2015 Quarterly Report, page-33

Londoner,
Big mistake to assume that the cost guidance of $680 per oz is with Duckhead and $820 per oz is without Duckhead. I read it that this variance of $140 cost per oz assumes that Duchead will be mined in 2nd half. This variance depends on what gold sales they hit in the revised, revised, revised guidance ( did I miss one) of 85,000 to 100,000 ozs. It is safe to assume that if DH approval is not forthcoming then the costs guidance will be a couple of hundred dollars above the current guidance.

Sarge