Ann: Production Update Las Lagunas Gold/Silver Pr, page-32

re: Ann: Production Update Las Lagunas Gold/S... That "some" hedged in your calcs should only be 30%(126Kozs) of Au production which was a requirement by Mac Bank for their 37.5M. So there is siginficant upside on the other 70% of Au production as well as the Ag being unhedged.

Companies general guidance was for around $9M income per month and $100M free cashflow in 18 months provided they met production targets.

25% to DR doesnt happen until project debt paid back.

Whatever the case, as long as the Au/Ag prices hold and the pilot production numbers are met by the end of ramp-up they will be making significant money in a relatively short period from start-up.

d.