Friday’s big leg up, page-20

For projects moving through feasibility into production:

• whether the numbers will stack up (there will be more confidence after an M&I resource and a Preliminary Economic Analysis is done)
  • recovery testwork has already been done and matches other heap leach projects ( in fact results were actually quite good ). Further metallurgical test work will be done soon.
  • continuity of grade - recent drill results suggest it is looking good
• timeframe to complete feasibility
• financing ( one scenario is they could JV 50% of Korbel ). Victoria Gold in Canada successfully financed their mine in a bear market ( the project is similar type and size )
• approvals, although note they already have support for the development of an access road

Realistic timeframe to achieve production would be 5 years.