Portia Gold Mine Pit Completion, page-14

Chris Carter,

You hit the nail on the head with your comment.

IMHO, if the current drilling to test the southern extension works out, it would be easier at this point in time to get Lorenzo up and running as a copper-gold mine, after North Portia, than Kalkaroo.

For the following reasons:

Both a Native Title Agreement (with the Adnyamathanha people) and a Mining Lease (ML 6346) are already in place over the Lorenzo prospect and the North Portia prospect.

The only thing missing is a PERP for Lorenzo (as it is for North Portia). As Lorenzo is only a thousand metres due south of the Portia Gold Mine, HAV Management could re-use/ re-issue the Portia PERP document for Lorenzo as the soil/ water table/ flora/ fauna are essentially identical.

It would also make it easier for the relevant SA Government Department to sign-off, given the very short distance between the 3 projects (Porita, North Portia and Lorenzo), and it being in the same Mining Lease as Portia and North Portia.

In addition, HAV and CMC are learning/ have learnt a lot from digging at the Portia Gold Mine, that will be critical (and very useful) when designing both the North Portia pit and Lorenzo pit.

The native title agreement is not yet in place at Kalkaroo, which means a Mining Lease cannot be issued by the SA Government. The negotiations for that NTA have been going on for quite some time! Too long in my opinion!!


IMLTHO, CMC would be the logical mining contractor at both North Portia and Lorenzo given all of the infrastructure (e.g. camp, water dams) and equipment is still on location at the Portia Gold Mine.

# On page 6 (the landscape page) of the Mining Lease Proposal (see link below) 'Feasibility activities associated with the Lorenzo Prospect' were listed in the same area as Portia and North Portia.

http://pir.sa.gov.au/__data/assets/pdf_file/0020/97400/PORTIA_MLP_ML_Application_REV7.pdf

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.