Portia Gold Mine Pit Completion

Based on my calculations, CMC should be finished digging the final Portia Gold Mine pit within 2 weeks (+ or - 1 week).

Which means the whole of the Base of Tertiary ('BOT') layer will be exposed for bringing to the gold ore stockpile pad on the surface by CMC, for HAV to process through the Portia Gold Processing Plant.

Continuous disclosure rules mean we should at least get an ASX release, so we can celebrate the occasion and raise a glass.

The BOT gold mineralisation layer sits above the weathered bedrock (which also has gold but is excluded from the JORC gold resource).

Peter Strachan (in his December 2015 Research Report, see the HAV website for a copy) has a range of 50,400 to 74,100 # ounces of gold just for the BOT layer. HAV's share being 50% of gravity recoverable gold.

IMLTHO, at a minimum HAV's share of the BOT gross gold sales is a guaranteed A$40 million based on current spot and hedged gold prices.

Is this a great Company or what!

# Havilah's share of additional gold revenue from Portia is subject to a success fee to Investec. This fee only applies if production exceeds 50,500 ounces of gold in total and is capped at a total production of 80,000 ounces of gold.

Cheers

These are only my random thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts