project funding options, page-5

Welkin myg acheived a $150.00 premium on the day POG for hedging,less than 10 percent of the total resource.

Mutiny Gold hedging facility priced at A$1,847 per gold ounce for 50,000 ounces

http://www.proactiveinvestors.com.au/companies/news/22999/mutiny-gold-hedging-facility-priced-at-a1847-per-gold-ounce-for-50000-ounces-22999.html

Should the POG reach $2000.00 oz,presuming we acheived a premium for hedging,would the $2K price be an automatic trigger for development do you think?

Would cash production costs still be under a $1000.00 per oz?

If it were,would you be looking to fully hedge or not?

From page six of the 2010 annual report

The conceptual project economics of the MGD are highly favoured by the current level and trend of the gold price particularly if a set of very low cost mining and processing options can be utilised.The addition of near surface better grade gold mineralisation can only enhance conceptual project economics.

From the 21 of June 2012

Significant upgrade to indicated and inferred Mineral resources at the Mnasounia deposit.

The majority of the resource is hosted in the near surface relatively soft saprolite(clay rich) material.

The latest drilling has identified numerous primary lode units where the gold grade is generally higher than for the saprolite material.

The resource remains open in a number of directions and potential exists to increase the resource defined in the project area.

This substantial increase in mineral resources provides further encouragement for a development proposal for the MGD, which is presently the subject of an independant review to appraise development options.

Raider