Ann: Portia Gold Production Reaches 10,000 oz Milestone-HAV.AX, page-3

Rorter,

I understand each graphite mould used by Havilah is approximately 10kg capacity, which is 321 troy ounces.

So the 49kg day pour would be approximately 1,575.4 troy ounces.

My understanding is the troy ounce is used in the weighing and pricing of precious metals: gold, platinum and silver. I believe you are using Avoir ounces, which will be overstating the numbers.

http://www.thecalculatorsite.com/conversions/substances/gold.php

In addition, not all of the above 10kg in each mould will be gold. There will also be silver, copper and 'other' included.

IMHO, it would be safer to use 93-94% gold, 4% silver, 2-3% copper/ 'other' by weight in any calculations.

Using the 94%, the 49kg day pour would be approximately 740 troy ounces of gold (HAV 50%) or $1.2 million (HAV 50%) at the $1,618/oz gold hedge price with Investec.

As Havilah starts processing the gold ore with >70 but <1,000 g/t (white in Slide 10 below) this month through the Portia Gold Processing Plant, IMLTHO pours like the above will be a regular daily occurrence during October 2016.



Cheers

These are only my random thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional expert