Brazil & Argentina costs down

The key component of TRY's growing margin is the exchange
rates between the USD (gold price) & the depreciated Real
& Argentina Peso.

A year ago the exchange rates were:

1 Year ago: 2.7 real= $1 USD................................................8.65 ARS = $1 USD
Now:.........4 Real = $1USD (depreciation 48%).................13.95 ARS= $1 USD (depeciation 61.5%)

This drop in input costs will be evident come the end of the financial year and is the reason
why the AISC will $550-$600 USD as per the forecast.

MM