monty!, page-5

Geoff,

1. There is an existing open pit at Monty, and the Company has said that it will mine some of the tonnes as an extension of this pit – therefore no big cutback, just an extension to existing pit. Low strip ratio.

2. As reported, Visnjica is very shallow as a deposit, therefore likely low strip ratio for any cutback there.

3. Remainder of Brskovo is underground, from base of open pit so not difficult – probably 120m development work in total so not too costly.

4. Zutal Prla all underground so development work for that, but highest grade.

All capital costs for development work should be much cheaper per tonne in Montenegro than in Australia.