PROJECT PRODUCTION TIMELINES, page-7

One model would be to continue with toll treating all projects with various mills. Whilst profit sharing it's less risky than building a mill which takes time, is costly and can have start up issues, the overall economic return from profit sharing may be sufficiently significant. Do we believe the current management team can build a mill.

If HRZ simultaneously proved up sufficient resources across its more profitable projects whilst toll treating surely the company would be an attractive acquisition. GSR holders would know more about the potential value of its projects. I for one would be happy to exit at a reasonable price.

The merger between HRZ and GSR may have increased the gold ounces but extracting the value for shareholders is another story.