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Message: Dave's Hong Kong Presentation

It depends on what's comprised in "all-in costs".

Here is a list of the parameter (per oz) assuming 2 mio oz LOM:

- Opex 500

- pre-prod. capex. 250

- sus. capex 125

- overhead 30

- discovery capital 40

- tax 150

____________

All in costs USD 1095 per oz

Pash

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