29 B e c a us e of its in h e r e n t l imi ta tion s th e C o mpa n y s IC F R ma y n ot pr e ve n t or de t e c t miss ta te me n ts A l s o pr o je c ti on s of a n y e v a l ua tion of e ff e c tive n e s s to futu r e p e r i ods a r e s ubj e c t to th e r isk tha t c on tr ol s ma y b e c om e i n a de q ua te b e c a us e of c ha n g e s i n c on d itio n s or tha t the d e g r e e of c o mpl ia n c e wi th the pol ic i e s or p r oc e d ure s ma y d e t e r io r a te Th e r e fo r e e v e n thos e s ys t e ms d e t e r mi n e d to b e e ff e c tiv e c a n pr ovid e o n l y r e a s on a b l e a s s ura n c e wi th r e s p e c t to fin a n c ia l r e por t pr e pa r a tio n a n d pr e s e n ta tion T he r e ha ve b e e n n o c ha n g e s in th e C o mpa n y s IC F R du r i n g th e q ua r te r e n de d J un e 3 0 2013 tha t ha v e ma te r ia l l y a ff e c te d or a r e r e a s on a b l y l ik e l y to ma te r ia l l y a ff e c t th e C o mpa n y s IC F R F OR WAR D L OO KI NG I NF OR M ATION This M D A c o n ta in s f o r wa r d l ook in g s ta te me n ts a n d f or wa r d l ook in g i n fo r ma ti on c ol l e c tive l y f or wa r d l ook in g i n fo r ma ti on a s de fi n e d in a p pl ic a b l e s e c uri ti e s l a ws tha t r e fl e c t SAS c urr e n t e xp e c ta tio n s a n d p r oj e c tio n s a b out its fu tur e r e s ul ts pl a n s a n d ob j e c tiv e s A l l s ta te me n ts oth e r tha n s ta te m e n ts of h istor ic a l f a c t a r e c o n s id e r e d for w a r d l ook in g i n fo r ma tio n F or wa r d l ook in g in fo r ma tio n is b a s e d o n a s s umptio n s e s ti ma te s a n a l ys is a n d o pin i on s of M a n a g e m e n t ma de i n l igh t of its e x pe r i e n c e a n d its p e r c e pti o n o f t r e n ds c u r r e n t c o n diti o n s a n d e xp e c te d d e v e l opm e n ts a s w e l l a s othe r fa c tor s whic h the C omp a n y b e l ie v e s to b e r e l e v a n t a n d r e a s on a b l e i n th e c ir c ums ta n c e s This M DA us e s wo r ds s uc h a s e s tima t e in t e n d b e l ie v e e xp e c t a n ti c ipa te pl a n p ot e n t ia l a n d s i mil a r t e r mi n ol ogy t o id e n tif y for wa r d l ook in g in f or ma ti on F or wa r d l ook in g in fo r ma ti o n is c on ta in e d thro u ghou t th is doc um e n t a n d most n o ta b l y a s pa r t of the s e c tion e n ti tl e d Outl ook fo r 20 13 Sp e c ifi c a l l y th e r e i s for wa r d lo ok in g i n fo r ma ti on r e ga r di n g the C omp a n ys pr oduc t ion a n d c a pit a l b udge ts a n d pl a n n e d gol d pr od uc tion l e ve l s a t the Hol t Hol l ow a y a n d Hisl op mi n e s the d e ve l opm e n t of a ddit io n a l pr oduc tion z on e s a n d th e a ve r a ge o r e gr a d e a t Hol t the r e s ump tio n of m in i n g a t the W e s t Pit a t Hisl op a n d the p r oduc ti on l e v e l th e r e fr om r e q uir e d c a pit a l e xp e n ditur e s a t the Hol t a n d Hol l ow a y m in e s a s we l l a s th e Hol t M il l the e xt e n t a n d timi n g of de v e l opm e n t in it ia tive s a t T a yl or the im pa c t of gol d p r i c e fl uc tua tion s o n the C o mp a n ys op e r a ti n g c a s h fl ow pl a n n e d c a pit a l e xpe n ditu r e s a n d c ha n g e s a t the o pe r a tion s th e i mpa c t of e xc ha n ge r a te fl uc tua tion s on the C omp a n ys c ur r e n c y fo r wa r d d e r iva tive s th e c on tin u e d a v a il a b il ity of t a x de duc tio n s the n a tu r e l oc a tion a n d o b je c t ive s of e xpl o r a tion p r og r a ms i n 2 013 t he e x pa n s ion o f min e r a l r e s our c e s th r ough s uc c e s s ful e xpl or a tio n a n d l e ve l s of min e r a l r e s e r ve s d e ve l o pm e n t a n d a c q uis itio n s th e s uff ic ie n c y of th e C o mpa n y s c a s h fl o w a n d e xist in g c a s h r e s e r v e s t o a c hie v e its 2013 o b j e c tive s in c l udin g th e a dva n c e m e n t of Ta yl or a n d oth e r e x pl or a tio n pr oj e c ts F or wa r d l ook in g i n fo r ma tio n b y its v e r y n a tu r e is n o t a gua r a n te e of SAS futur e o pe r a tio n a l or fin a n c ia l pe r fo r ma n c e a n d i s s u b je c t to r isk s a n d unc e r t a in tie s b oth k n o wn a n d unk n ow n a s w e l l a s othe r fa c tor s tha t c oul d c a us e SAS a c tua l r e s ul ts pe r fo r ma n c e pr os pe c ts or o pp o r tuni ti e s to dif fe r ma te r ia l l y fr om thos e e xpr e s s e d i n o r im pl ie d b y thi s for wa r d l ook in g i n fo r ma t ion T h e s e r isk s unc e r ta in ti e s a n d fa c to r s ma y in c l ude b ut a r e n o t l imit e d to r isk s a s s oc ia te d wi th th e mi n in g in dus tr y in c l udin g r isk s i n e xpl o r a tion whic h i n c l ude u n c e r ta in ti e s r e l a tin g to the i n te r p r e ta tion of dr il l a n d oth e r e xpl o r a tion r e s ul ts a n d th e g e ol ogy c on ti n uity g r a de a n d e s t im a te s of mi n e r a l r e s e r v e s a n d r e s our c e s o p e r a tio n a l r isk s wi th d e v e l o pme n t a n d pr o duc tion p r o duc tion r isk s a n d the u n c e r ta in ty o f e s tima t e s a n d pr oje c t ion s in r e l a tion t o d e ve l o pm e n t a n d p r oduc ti on r e v e n ue a n d e xp e n s e s fl uc tua tio n s in c urr e n c y e xc ha n g e r a t e s o pe r a t ion a l ha za r ds a n d r is k s in c l udin g th e in a b il ity to in s u r e a ga in s t a l l r isk s c omp l ia n c e wi th a p pl ic a b l e g ove r n m e n t r e gul a tion s in c l udi n g e n vi r o n m e n ta l r e q uir e m e n t s a n d th e a va il a b il ity of a de q ua te in f r a s tr uc tur e th e C omp a n y s l imit e d fin a n c ia l r e s our c e s a n d its a b il ity to fu n d its op e r a ti n g a n d c a pit a l e xp e n s e s n e c e s s a r y to a c hie ve its b us in e s s ob j e c tiv e s the C o m pa n ys d e p e n d e n c e o n k e y e mpl oye e s a n d its a b il ity to r e c r uit a n d r e ta in s ufficie n t q ua l ifi e d p e r s o n n e l to ma in ta i n th e op e r a tio n s a t th e i r b udg e te d l e v e l s the C omp a n y s a b il i ty to c omp e t e wi th o the r min i n g c om pa n i e s p oss e s s in g g r e a t e r fi n a n c ia l r e s ou r c e s the C omp a n ys a b il ity t o ob ta in r e q uis ite pe r mits a n d l ic e n s e s o n a ti me l y b a s is or a t a l l r isk s a r ising fr om c ha l l e n g e s to th e C om pa n ys titl e to its a s s e ts in c l udin g thos e a r ising i n r e s p e c t of a b o r igi n a l r ights a n d th e pot e n t ia l for c on fl ic ts of i n te r e s t t o a r is e A de s c r i pti o n of the s e r isk s a n d