Ann: Quarterly Activities Report, page-25

What I noticed is that they more or less sold all the bullion (which I didn't like much but the broader investment community should like as it makes the earnings position more understandable) which lead to a ~$10 million royalty payment. This might have been precipitated by pressure from the Mali government, who knows. In anycase it is cleaner from a market perspective basis.

I'm on holidays in Bali at the moment so on phone and can't go into details but for those who think RSG are going to build this sulphide project with no draw down, forget about it.

Just go and look at AGQ and the amount of CapEx involved at the Copler sulphide project and you will get an idea of how cheap RSG is doing it. Also look at the valuation RSG had when it had no . What do you think that valuation was based on? It was based on the future!!!! If you want to invest in these big long life of mine projects you've got to expect pain before gain. Sorry I can't give more specifics at the moment.Esh