Ann: Operations Update , page-8

Just spoke to Noble. Parts of the crusher are still in customs and parts are already installed. Not really an issue as the ROM pad is filling up with levee material and there is a sufficient amount to last till the crusher is commissioned. Expecting late March or early April till crusher operational. The power issue is front of mind and they are considering their own power supply. Not expecting full 150k/pa production rate till the new financial year. I'm not really impressed with the last few months action but can see that they are only delays and the future of the company is bright. I am highly confident that my price targets will be hit, just not in my original time frames. Chuck might need to use a little more foresight in the future.