Ann: South Block Resource gives Significant Potential at Century, page-21

The Hoff!!! Good to have you back on these shores again, haven't been this excited since there was talk of another Nightrider series or Baywatch Down-Under. Levity aside, the buyer beware comment you raise and the sensitivity to the valuation of the issue you have considered is interesting. With a 6 odd year mine life of the restart through the tailing operation, it seems a tad odd you have labelled this as "buyer beware"...imho the full value (at least in my DCF) doesn't seem to be reflected in market cap at this point in time. This you would expect to some degree with default project risking taking one off events into account, intrinsic to the risk of investing in mining as an asset class. What you look for is Management actively taking measures to ensure these risks are managed effectively. In the risk you have identified to the value of the ore in the south block, which the unrisked value of doesn't seem to be reflected in the market valuation yet to any great degree (imho), it appears to be actively managed by the management team from the approval portion of the announcement. Alignment of interests, early negotiation and setting up a sustainable approach seems to be, at least to this investor, actively derisking the access to this ore body. No doubt previous management teams may have found this difficult for a whole host of reasons, but if this new Management team are front end loading the engagement and are dedicated to managing this risk, I don't see reason to be overly pessimistic at this stage. I would be interested in your views on the contribution of the south block (risked and unrisked) to the valuation of the company at this stage vs the tailings reprocessing.