Ann: Scoping Study - Tengrela Gold Project , page-2

Highlights:
�� 514,000ozpa for first 4 years at a cash cost of US$396/oz
�� 838,000oz of gold production over 8.3 years at cash cost of US$452/oz
�� The capital cost estimate of US$89M with a payback of 17 months
�� IRR of 57% indicating a NPV of US$130M using a 10% discount
�� EBITDA of US$315M, including US$221M in the first four years
�� Based on gold US$850/oz gold price

More good news but some other points to remember:

1. the resource will get bigger - hence presumably, further economies of scale
2. Mining costs used in the study are potentially conservative...
"Mining costs were applied based on mining rates in neighboring Ghana, with the application of a potentially
conservative additional cost factor of 20% to 30% to allow primarily for increased labour and fuel costs in
Ivory Coast."

Rather subdued market reaction thus far....