history of deflector, page-4

A good overall history. In regards to the current flow sheet though Batavia developed this and was the basis of the feasibility study. The Deflector deposit could not be processed through conventional CIL, Menzies did this and went broke due to the high cyanide soluble copper.

Batavia did the met test work on gravity recovery of gold, and flotation to recover the copper and the balance of the gold. Although the copper recoveries were low in the oxide and transition zones, as long as it paid its way the prize was in the primary zone as the bulk of the resource and good overall recoveries for both metals.

The FS came in at $57m at a gold price around $650 and copper $2.50' generated something like $60m free cash at the end of the project, not sufficient to justify the development at the time.

Once mining gets going, would not be surprised to see some nice unexpected rich zones encountered. Still won't be an easy project, but should do ok.