preliminary results, page-7

Watso, I called the company last week and asked about the $700 average cash cost projection and why they didn't provide a project break-down. I think I spoke to the company secretary. Was told each project had error estimates and that they could only provide an overall average at this time. Golden Pride 20% reduction in head grade would mean costs would rise from $500 to $600 approx there. Syama commissioning would take several months but he expected Syama cash costs would be somewhere in the $500 to $600 range eventually. They need another debt raising to complete commissioning but he wouldn't give any indication whatsoever about how much. He defended their past hedging practices, didn't rule out further hedging in future, while saying the current policy is to deliver into their hedge book and not add to it. I felt like I was speaking to a politician. Didn't learn much and wasted my time really.

Rowingboat.