mbeardAnnual ReportChairman's Reportpage 2Our initial test...

mbeard

Annual Report
Chairman's Report
page 2

Our initial test results of the gold-bearing quartz vein sample confirmed an average grade of 12.3 grams per tonne. During the first three months of trial mining we intend to stockpile a large tonnage of this gold-bearing material, which from my own estimates and calculations means that we will have prepared for processing material containing over 15,000 ounces of gold, worth in excess of $A 21.7 million (of which our share value is $A 7.5 million). It should
be noted that my calculations are not JORC compliant, and are based on a 100% expected recovery of gold from this material.