Page 15 Contd from pg 14 reserves and 2012 exploration will continue to focus on highly prospec tive tar gets that lie near to the existing operations Holt produced 13145 ounces of gold derived lar gely from Zone 4 from the 925m Level and the 1075m Level mining areas as well as a small con tribution from the recently developed Zone 6 The lateral development ad vance rate continues to perform above expectations The new ore pass being driven be tween the 1075m Level and 925m Level is progressing well and is ex pected to be completed in the fourth quarter The head grade during the quarter was 540 gt Au 13 above the reserve grade of 518gt Au Mill recoveries were at their expected lev el of approximately 94 Holloway produced 5408 ounces of gold from the Smoke Deep Zone The mill recovery rate of 91 exceeded the company s forecast due to im proved mineralogical conditions in the areas mined during the quarter Development crews continue to ad vance the footwall ramp and sublevel lateral headings in order to prepare new mining faces for sustained pro duction Hislop produced 7187 ounces of gold in Q3 2012 The head grade averaged 253 gt Au which was substantially higher than the reserve grade of 188 gt Au Mill recovery for Hislop dur ing the quarter averaged 86 slightly below expectations due to the mining of zones with more mineralogical complexity that adversely af fected the leach kinetics Smoke Deep Zone pr oducing 10 7 WORLD GOLD ANAL YS T ONT ARIO 2012 A Junior Pr oducer Simply Achieving Success 20 Adelaide Str e e t E as t Suit e 801 w w w sasg oldminesc o m T oll fr ee Fa x Email