Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-5

Roarlenny, they did the correct thing. Heads should trade above the 3.5c options, when 2c were issued price went above.

Persides bullionfx paid 4.6c and the last cr was effective 4 2c.

Since those times indications for a very large resource have become apparent.

1m oz, if they get that, should se 150m cap, there is a bid by gor, rns on a resource around 150m.

Just on ozs red5 at 4.1m oz, cap 650m. If 1/4 of reds fair to say 150m.

A 1-4 would be a good out come if it ever occurred.

1m ozs pushes red5 from 16 to 20 year mine life, there going to get that regardless because there satellite deposits are not in that 4.1m oz.

Next year is the business end I feel, this year has been the setup.

Oxides are very cheap to mine, 0.5g cout be cut off as surface to 15m average. Mention of supergene, that's a layer under oxides, can be very very rich as gold has leaked down. Highly concentrated often.

All none leonora assets gone, malcolm for cash, zueilka and monger jv and tarmoola freehold over reds mine.

Red was interested in tarmoola and could have paid more, but let tnr have it.

Then there is bullionfx, at $2 a token, 30m US a token.

Also what will interest a gold producer is carried losses equal to around 23m in saved tax now.