Test results imminent. Assume REZ proceeds to Vat Leach 5,000t @...

Test results imminent. Assume REZ proceeds to Vat Leach 5,000t @ 4.5 g/t au at a (published) ASIC of $88t (contractor cost) for a total of $440,000 spread over 5 months (first month completed) for average of $88,000 per month. Drawn from current cash in kitty of $225,000 and monthly draw down of $80,000 from credit facility. Vat set up over 4 weeks then 12 weeks of gold leachate production. First gold production commences in week 4 and runs to week 12. Total gold produced is 5,000t x 4.5 g/t @ 90% recovery for 20,250 g (653 ounces) for sales of A$3,000oz x 653 = $1,959,000 for free cash of $1,519,000.

Expanding to 50,000t vat leach at 2.5 g/t au recovery produces 4,032 ozs over 6 months. ASIC is $4.4M and gold sold is 4,032 ozs x A$3,000 = $12.096M for free cash of $7.696M. We have a total of 51,800ozs for a multi year operation at a steady state production of at least 8,000ozs per year for free cash flow of $15M per year AND REZ proceeds to drill out both Gigante gold and Springfield nickel (which can be recovered via vat leach). Guesstimates are speculative but in line with published info. IMHO we have a forward EV of at least $30M in next 6-12 months.