why carrick gold? priced at $8 per ounce, page-32

RP

Right now the market reckons that the company is worth 35c. most shareholders would be delighted to see $1 never mind +$2. There is no doubt that shareholders HAVE been patient. We were told the company was understaking a PFS almost one year ago and three months ago we were told the following:

"Work toward completion of the Pre-Feasibility Studies for Carricks three main gold deposits Lindsays, Kalpini and Brilliant is progressing. During the quarter, resource studies continued with initial mineral resource estimates being modelled by Golder for the three deposits. Pit shells and models are expected next quarter. The objective of this work is to confirm the economic viability of a medium scale long-life project with a target of approximately 100,000oz per annum, 10-year mine life and 1,000,000oz resource."

No update on PFS until the last couple of lines of the Quarterly report; management has lost credibility.