ready to proceed, page-12

ivPaul - I think you raise valid concerns regarding the cost of financing. However, you have not made any comment regarding the gold price assumptions used in the NPV calculations. I believe that the price assumptions are conservative and therefore the NPV calcs are conservative. On the flipside, operating costs always end up being more than what is predicted so they will need a higher gold price to make up for a likely increase in opex. Also the capex costs are now probably at least 18 months old and there is likely to be some escalation. I note that the CRC board has not actually given formal project go-ahead or FID. Obviously need to firm up financing arrangement first. I also think the last drill results were disappointing. All in all I am holding but not accumulating.