Ann: PRIMARY GOLD ACQUIRES THE COOLGARDIE GOLD PROJECT-PGO.AX, page-11

These are prices quoted from a feasibility toll treatment with Focus Minerals in 2009.

Drilling and Blasting: $2.54 per tonne
Mine Haulage:$2.99 per tonne
Haulage to processor: $4 per tonne
Toll Treatment: $23 per tonne

Total: $32.50 per tonne.

Today if we take a random guess they are about $55 per tonne.

3.74Mt @ average grade 1.63 g/t gets 216koz say.

90% recovery assume.

That's $262M revenue - $205M costs = $56.77M profit.

Minus acquisition costs $10.5M

$46.27M

Do the time value of money to adj for risks of this project and you can see that the strategy behind this acquisition was for the tenement prospects only. The actual toll treatment is just a bonus to fund the exploration process.

The value to Primary Gold of this acquisition is what the exploration yields.

I look forward to it being rewarding for you shareholders