new presentation, page-9

I disaggree.

opex of around 0,50 look very attractive to me
considering:

1) All over the world mining costs have appreciated considerably during the last 2-3 years (20-50%).

2) SEEW will mainly treat the lower grade part of
Kulu`s reserve

3) IRR will be outstanding nonetheless

Hence in contrast to management i am not that fond
of the low capex staged approaches....

Looking back to Diki`s past development,if it had not been because of "surprisingly" strong rising CU/AG prices at the right time as well as the stock price rising of Golden star shares Anvil would have faced VERY severe financial problems in 2002/2003...
In maximising shareholder value it would have been much better to implement Stage II for Diki
and the second ball mill much faster as they had done.

I acknowledge back then aside from strategic considerations lack of financial means had been the reason,
however now with much more financial abilities Anvil
should pursue their growth capex plans more
aggressively IMO...