Ann: Sturec Gold Mine Exploration and Scoping Study Update, page-2

Morning all.
good to see things progressing.
early indication is for 1,007,000oz AuEq over 15 years. That’s an average of 67,000oz/yr. that’s ok, but won’t get anyone excited. 100,000oz/yr used to be the magic number for the market, it’s more like 200,000oz/yr these days.
hopefully they’ll be able to at least hit the 100,000oz/yr in the early years and then resource upgrades keep it there for a few more years. None of the recent drills are included in the 1,007,000oz.

the other interesting point is the labs results times have come down significantly. So we should be seeing more results soon.

mid June for the scoping study. That should give us a lift, plus more decent hits too.

I’m actually starting to feel as though we might actually become a gold miner here. Something I’ve doubted from this management. if that’s true, then we are very undervalued, for an emerging potential 70-100,000oz/yr producer. The all up cost (including us selling a concentrate, not finished gold, will be key).
nice time to be in gold.

cheers,
ned.