Ann: Presentation to Africa Down Under 2012 Confe, page-3

re: Ann: Presentation to Africa Down Under 20... I also think we are valued quite well at the minute mal. I think a very good resource at both Mayoko and Badondo is almost a given in my mind. We might see something a litte more substantial than expected from Mayoko if the company has decided to include DSO, bDSO, and colluvial resource figures into the maiden JORC. With talk of a possibly greater than 5mtpa start up operation, there will probably need to be more than the 50-100mt resource that had been mooted. With 35,000 meters drilled at Mayoko they must be getting close to having drilled enough to put together a maiden JORC, if they haven't already started putting it all together.

I'm hungry for some CAPEX, OPEX, and other project information for Mayoko. It would be nice to know what sort of OPEX costs we are looking at considering the weak IO market at the moment. In some of the back of the napkin calculations I'd done months ago I was using an IO sale price of around $90-$100p/t and an OPEX of $50p/t. Until we see some concrete figures from the company it's just guesswork though.

Good to see $75m in the bank still, we definitely don't want to be raising capital at these prices.