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Message: Updated Gold Guidance

We can only speak to the Russian property numbers for the first 9 months. We only have Q1 and Q2 data for the San Juan and Lamaque properties (probably until 29 November)

Savkino produced 16,000 ounces in 2010. They have projected to produce 21,000 ounces in 2011. So far in the first 3 quarters they are at 593(Q1), 2638(Q2) and 8131(Q3) for a 9 month total of 11,362 ounces. This means they need to produce 9,638 ounces in Q4 to meet projection.

San Juan produced 19,200 ounces in 2010. They have projected to produce 20,000-24,000 ounces in 2011. So far in the first 2 quarters they are at 4443(Q1), 4371(Q2) for a 6 month total of 8,814 ounces. This means they need to produce between 11,186 and 15,186 ounces in Q3/Q4 to meet projection.

Lamaque produced 14,419 ounces in 2010. They have projected to produce 45,000-50,000 ounces in 2011. So far in the first 2 quarters they are at 5815(Q1), 3742(Q2) for a 6 month total of 9,557 ounces. This means they need to produce between 35,443 and 40,443 ounces in Q3/Q4 to meet projection.

Total production thus far for 2011 is 29,773. Again, bear in mind we WILL NOT know the figures for San Juan and Lamaque until 29 November, 2011. Guidance for 2011 has remained at 86K-95K ounces.

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