An Emerging Gold Producer in Arizona (Debt and Hedge-free)

313,000oz Au (M+I) of > 10 g/t

Message: Brian Kirwin (17:00 to 33:22) on Turning Hard times into Good Times

The End of Money as We Know It and the Future of Civilization

May 22, 2012
Hosted by Jay Taylor

Currently running at ~225 tonnes/day (mill capacity has design of 450t/day)-so ~50% design capacity

Expected to reach design rate of 450t/day in ~3 months (soft target)

~80 people working at mine

2 8-hour shifts/day, expected to expand to 12-hour shifts in future

average grades above LOM grades but numbers skewed for first quarter...need more data

Projecting 3000 oz/month once mill hits full design (~3 months as noted above)

Once mine is at design target rate, then will commence underground drilling with company-owned drill (on site now)

TOTAL (Includes CAPEX +OPEX +?) Cash cost estimates still likely $624/oz (as per feasability study)

Plant should be easy to expand to greater than design rate of 450t/day

Corporate "Organic" growth strategy (to commence once at full design) is to have a second similar sized operation within another 3 years



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