Ann: Makabingui Mining Startup Plan, page-56

Since inception I believe BSR has raised from shareholders 79.1 million AUS$. The Company also has has access to finance during that time of some 20 Million AUS$ with an application for another 2,5 Million Aus$ apparently in the pipeline. In it's early years it also derived revenue from it's gold producing efforts as witnessed by the reported contingent tax liability. Just what proportion of this 17.5 million AUS$ tax liability relates to actual revenue receipts relates to Income tax it is hard to say as other taxes and duties could be involved. But if just 50% relates to Income Tax then a the Senegal Corporate tax rate of 30% it would equate to some thing like 29.2 million AUS$. So all up since inception total funds available to Boards come to approx. 128.3 million AUS$.

After all these years a new plan has to be instigated to produce 2,200 ounces a quarter.

Where exactly did all these funds go? Maybe spending over 1/2 milion last year on computers and software may provide a hint.

I believe Toro Gold raised 50 to 60 Million from shareholders and borrowed another 100 million, say 160 million in total, but then again they started to produce approx. 200,000 ounce per year, 2 years from gaining their exploitation permit. BSR is nearing 3 years and is looking at 8,800 ounce per year.

For those that are interest presently 1 AUS$ Converts to 400 FCA and the mean monthly wage for the last 3 years in Senegal has been approx 90,000 FCA or $225 AUS$ a month. Our Chairman earns 89 times this amount per month no wonder he likes living there.