Mine Site Design and Planning, page-2

Scoping Study included a draft proposal for an open pit with process plant (including an initial assessment of metallurgical recoveries for gold) and all supporting infrastructure. This was all based around a 1.2 million ounce resource utilizing a spot gold price of A$2,000 and ASIC of $1,615 to produce an IRR of 28.2%. Current gold price is above A$2,675 so the IRR would be through the roof.

IMHO AUC is drilling out a resource with conceptual potential of 2-3 million ounces within a gold camp that could host a bulk mineable resource exceeding 8 million ounces of gold (see earlier post on tonnage potential guesstimate containing 1.4 billion tonnes, where 250,000 million tonnes hosts +1 gram per tonne gold). I am stunned that investors continue to dump AUC at these levels. I am heavily overweight AUC. Good luck to all longs