Ann: Garden Gully - Exploration Update, page-32

Casey Research - Peak Gold by Andrey Dashkov Senior Analyst

“Since 1998, gold grades of the world's top ten operations have fallen from 4.6 g/t gold in 1998 to 1.1 g/t gold in 2012.”

“Truth is, there is no king. Grade and size, although among the most important variables in the mining business, tell only part of the story. Neither higher grades nor monster size prove profitability by themselves—the margin they generate at a given point in time is what matters most.”

https://www.caseyresearch.com/peak-gold/

Kind regards,