• Ore commissioning - On 20 November 2012, ore commissioning into the 7MW SAG Mill commenced at the Company’s 100% owned Tucano Gold Project in Brazil. • First gold poured - On 16 December 2012, the first gold bar was poured. During the commissioning phase the processing plant has operated at up to 400 tonnes per hour (3.5 million tonnes per annum) equal to the nameplate design. • Production - Gold production of 7,336 ounces for the first 21 days of January has been achieved. Recovered gold is within forecast and is on track to produce approximately 11,000 oz for the full month of January. Throughput is currently increasing and is forecast to be in excess of nameplate operating capacity of 3.5 million tonnes per annum by the end of the March quarter. • Grade Control - Drilling rates have increased dramatically with 2 track mounted RC rigs in operation. • Magnetic Separation Plant – Phase 1 Civils 100% complete. Construction continues apace for commissioning in late April 2013. At current Fe prices, the positive effect on gold cash costs, once complete, is exceeding the forecast. • Duckhead – Extremely high grade JORC resource of 94,000t @ 30.9 g/t for 93,000 oz. Initial starter open pit probable reserve of 62,000t @ 29.7 g/t gold for 59,000 oz which is on track for mining to commence in April 2013. • Duckhead – New 20 m wide Hangingwall lode discovered. Results include 35 m @ 5.6 g/t gold, 25 m @ 5.8 g/t gold and 25 m @ 4.7 g/t gold. High grade drill results from Main Lode including 23 m @ 9.3 g/t gold, 11 m @ 19.3 g/t gold and 13 m @ 9.1 g/t gold. An updated resource and reserve statement to be released for this lode in February 2013. • Tartaruga – Large new gold auger anomaly with up to 4.7 g/t gold at the Company’s 100% owned Tartaruga Gold Project 150 km north east of Tucano. An extensive 10,000 m RC drilling program to commence in February 2013. • Tropicana East – Airborne Spectrem survey defines strong conductive anomalies interpreted to be sulphide bodies at the Company’s 100% owned Tropicana East Gold Project located 60 km north east of the AnlgoGold / Independence 7.9 million ounce Tropicana gold development project. CORPORATE • Sales – One gold shipment occurred in December of 496 ounces. • Current Gold to Bullion and Gold in Circuit – Gold to Bullion and Gold in Circuit totals 9,311 ounces as at 21 January 2013 (~US$15.7 million at current spot price). • Zamin Group – A meeting in London on 21 January with Zamin Group has confirmed all parties commitment to the five Agreements signed by Anglo and Beadell in 2012. The sale of Anglo Ferrous Amapa to the Zamin Group is expected to be completed in March 2013.
BDR Price at posting:
$1.04 Sentiment: None Disclosure: Held
