gold, page-7

Rabbit - If you go to HAW`s Nov 10th 2011 ann re.Trouser Legs and work through the figures given for the optimisation parameters in Appendix 1 at the current gold price think you`ll find that it is lack of capital rather than anything else that is stopping them from getting things underway. Would start with the dumps and ship the ore to Carosue Mill.

As for Coffey Bore -it looks to be free-milling,heap-leachable and from very near surface with the entire porphyry mineralised.

Not all mines are the same - for me deep is off-limits from past bad experience but projects don`t have to be underground or big to be profitable. Go to P.12 of IRC`s presention for Teal dated 26th Nov 10. They expect a surplus of $15.5m for 6 months`mining with capex of $15m for only 23,300 oz total. Hasn`t happened yet because of Native Title issues but both Trouser Legs and Coffey Bore would likewise be open-pittable and on a much larger scale (HAW/Gel looking for 60,000 oz p.a.at Trouser Legs).

Also worth mentioning re.Mt.Bevan that there is further haematite on the LCY/HAW tenement to the north of Mt.Mason (see HAW ann. 9th June 2009 under 'New haematite horizon')which could be more substantial than the Mt. Mason extension itself and should also be of interest to JMS.