feas , page-5

Hi Maigret1,

I think <$600AU is probably from global resource. The higher grade stuff would come in cheaper. I'm expecting an announcement about toll treatment soon...as you said not all ore needs to go through their own mill.

With gold around $900 an oz and production costs going up globably I expect the POG to move much higher in the short, medium and long term - this obviously bodes well for companies like AAM and IGR.

IGR is one of my biggest holdings (sub 10c days) but have sold a few to roll over...AAM made the list.

Need to see the BFS. I don't think AAM is in the same league as IGR, so not expecting much.

All the best