Ann: Quarterly Report to 31 December 2015, page-23

Sellier
The share price is not moving because no one will Buy and why should they. Anyone contemplating buying will wait to see if the re-financing is done. This is the next big item to get fixed. At the moment we are committed to pay off CAMIF convertible notes via the issue of shares. So with interest that would be around 12M. At todays price less the 15% discount that would be 240m extra shares.

This dillution will clearly impact the share price much more than any rise in gold.

Having said that the ducks are slowly lining up but still along wait for all the ducks to get in line.

Those ducks are

1.Throughput - looks fixed
2. Grade - Looking real good
3. Recoveries - progress happening
4. Gold price - Looking good
5. Re-financing - Next few months outcome could be positive of negative
6. DR approvals to import concentrate - Still 2 year to wait
7. Exploration - Some movement here, exploration manager has been hired
8. DFS for China plant - End of this year