Ann: Lavra Mine Update, page-5

If you look at page 3 of the announcement released on 17th March 2015 you will find that the expansion of ownership is planned in the third quarter of this year. The plans are mentioned numerous times throughout the document with plans to expand the ownership to 60%. An extract below:

"Expansion of the gravity circuit is targeted for mid-2015 with the additional upgraded flotation circuit expected to be completed by the end of calendar 2015. Resource drilling will continue throughout the year, with revised resource estimates also targeted by the end of the year. Completion of the revised equity ownership structure is targeted for Q3 2015. The expanded production rate is planned to be achieved by the end of 2015."

Sorry to be critical but we have not yet reached the third quarter. I can't seem to find any other literature which would suggest that Cleveland has achieved that target early.

This latest announcement is very good and mentioned some high grades. Obviously some unknowns in all of this but clearly it's a geographical area prone to hold high grades of gold.