Ann: Response to Price Query, page-15

You dont have to to tell me about what is there, I know I have been a PGM bull for a long time. I am also a realist and a junior explorer and understand the costs involved in running, developing a tenement. Greenland is one of the toughest environments in the world, the mining window is short, the costs to transport machinery is huge, no infrastructure, no mining plan. Skaeegard has been a well known deposit for many many years, which has been passed on from company to company, why because the costs are huge and the investment is huge.

Do you really think Anglo, Barrick, Newmont, Kinross dont know about these deposits? You now need to ask your self, what is the AISC of mining this gold, is it more expensive than the current gold price? The answer will be yes, which currently makes it commercially unviable. You could have 1 billion ounces of gold in a deposit, but if it costs you more than what your going to make why would you do it?

The opportunity is huge, however more works needs to be done on site to determine a PFS and DFS to see if its actually viable.