hello half a million ounce, page-10

A few points to note Regarding NGF & AXY.

1 NGF had a hedge book that killed them, AXY do not

2 NGF built a plant that was overkill for the resource they had meaning they needed bulk tonnes to get the cost down which hasnt happened

3 There are other Toll treating options close by other than NGF. Watso have you even been to Kal and seen the immediate area?

4 As the current resource estimate only covers 2 of the targets on a 98km2 area, one would assume there is potential in the other areas to come.

5 New Drill program announced so obviously the company isnt saying we are going to go an mine what we currently have. The intention is to further explore so any comparisons with NGF are short sighted

6 All Kal Gold mines operate at 1-2gt that I know of

7 Alot of the resource estimate in latest annoucement has jumped category from inferred to indicated means much more accurate.