Ann: Trading Halt, page-77

Some of Sigma's deposits consist of fairly steep dipping pegs, which will be the reason for their strip ratio being as high as 16.4 for one of their stages. There are cross section diagrams in their technical report if you want to view them.

The pegs in our original Colina JORC area are also on a relatively steep dip, but our saving grace is the western portion of the Colina peg swam which have a much more gentle dip on them (and area also thicker and stacked to a greater degree than the original JORC area).

But on the flip side, the western portion of the pegs seem to have less mineralisation at or near surface (compared to the original jorc area).

The nNet result of all of this is that I do not expect Colina will be marketed for it's strip ratio (because of the points mentioned above). However, I don't expect the strip ratio to create much of a problem for project economics (because the labour cost associated with having to clear extra over burden in Brazil are a fraction of pretty much every other mining jurisdiction around the world). I also expect that other aspects will more than make up for the strip ratio (world class recovery rates, excellent grade, DMS only and cheap labour and electricity).