drilling results....good or bad, page-34

I have amended the model to include a RSPT for OZL, based on a 40% tax on any EBIT above $60m (based on 6% return on $1B investment at 2012)

share price npv with terminal value goes from $2.46 to $1.74, a reduction of 30% in the value of OZL

share price npv with no terminal value goes from $1.38 to $1.11, a reduction of 20% in the value of OZL

On another matter, here is a link

http://www.mineweb.com/mineweb/view/mineweb/en/page36?oid=104888&sn=Detail&pid=36

that discusses the impact of double dip recession. OZL (like PNA), IMO, would ride a double dip recession better than others due to low C1 cash costs driven by substantial gold credits. A double dip could also throw up some opportunities, that OZL could take advantage of due to the cash in the bank.

HT1