4302014 2 CA UTI ONAR Y S T A TEME NT ON F OR W AR D L OO KI NG INF ORMA TION Ce rt a in in f o rmati o n co nt a in ed o r in co rpo r a t ed by r ef er ence in t hi s p r esent a t ion in cludin g an y in f o rmati o n a s t o o ur st r a t eg y p r o je cts p lans o r f ut ur e financial o r o p er a t in g p erf o rmance const it ut es f o rw a r d loo king st a t eme nt s A ll s t a t eme nt s o t her t han st a t eme nt s o f his t o ri ca l f a ct ar e f o rw a r d loo king st a t eme nt s The w o r d s b eliev e expe ct a nt ici p a t e c o nt emp lat e tar g et p lan in t end c o nt in ue b udg et es tim a t e ma y w il l sched ul e a nd si mil a r expr essi o ns ide nt if y f o rw a r d loo king st a t eme nt s F o rw a r d loo king st a t eme nt s a r e nece ss a ri ly b a sed upo n a num b er o f e st imat es a nd a ss umpti o ns t hat w hi le co ns ide r ed r ea sona b le b y us a r e in her entl y su b je ct t o si g ni fica nt b us in ess ec o nomic and co mp eti t iv e un ce rt a in t ies a nd co nt in g encies K now n a nd unknow n f a ctors co ul d cause a ctu a l r esul t s t o d if f er materi a ll y f r o m t hose p r o je cted i n t he f o rw a r d loo king st a t eme nt s Such f a ctors in clude b ut a r e not li mit ed t o fluct uati o ns in t he spo t a nd f o rw a r d p ri ce of go ld co p p er o r ce rt a in o t her co mmo d it ies su ch a s si lv er d iesel f uel a nd elec t ri cit y cha nge s in nati o nal a nd loca l g o v ernment leg is lat ion t a x a t ion co nt r o ls o r r eg ul a t ions a nd o r cha nge s in t he a d min is t r a t ion o f la w s p o li cies a nd p r a cti ce s expr o p ri a t ion o r nati o nali zati o n o f p r o p ert y a nd p o li t ical or ec o nomic de v elo p ment s in Ca nad a t he U n ite d St a t es a nd o t her juri sdict ions in w hi ch t he co mp a n y d o es o r ma y ca rr y o n b us in ess in t he f ut ur e f a il ur e t o co mp ly w it h en vir o nment a l a nd hea l t h a nd saf et y la w s a nd r eg ul a t ions t imi ng o f r ec eip t of o r f a il ur e t o co mp ly w it h nece ss a ry p ermit s a nd a p p r o v a ls d imi ni sh in g q uant it ies o r g r a d es o f r eserv es in cr ea sed co st s d ela ys su spe ns ions a nd t ec hni ca l cha ll eng es a ss o ciated w it h t he co ns t ruct ion o f ca p it a l p r o je cts t he impa ct o f g lob a l l iquidit y a nd cr ed it a v a il a b il it y o n t he t imi ng o f ca sh flo w s a nd t he v a lu es o f a ss ets a nd li a b il it ies b a sed o n p r o je cted f ut ur e ca sh flo w s a d v er se cha nge s in o ur cr ed it r a t in g t he impa ct o f inflat ion o p er a t in g o r t ec hni ca l d if ficult ies in co nnect ion w it h min in g o r d ev elo p ment a cti vit ies t he spe cula tiv e natu r e o f min er a l explo r a t ion a nd d ev elo p ment ri sk o f loss d ue t o acts o f w a r t err o ri sm sab o t a g e a nd civil d is t urba nces fluct uati o ns in t he curr ency mark ets cha nge s in U S d o ll a r in t er est r a t es ri sks a ri si ng f r o m hold in g de ri v a t iv e in st rum ents li t iga t ion co nt est s o v er t it le t o p r o p ert i es p a rt icul a rl y t it le t o unde v elo p ed p r o p ert ies o r o v er a cce ss t o w a t er p o w er and o t her r eq ui r ed in f r a st ruct ur e b us in ess o p p o rt uni t ies t hat ma y b e p r esent ed t o o r p urs ued b y u s o ur a b il it y t o su cce ss f ul ly in t eg r a t e a cq ui si t ions o r co mp let e d iv est it ur es emp lo y ee r ela t ions a v a il a b il it y a nd in cr ea sed co st s as socia t ed w it h min in g in p ut s a nd lab o r and t he o r g a ni zati o n o f o ur p r ev iousl y held A f ri ca n g o ld o p er a t ions a nd p r o p ert ies unde r a sep a r a t e li st ed co mp a n y I n a d d it ion t her e a r e ri sks a nd haza r d s a ss o ciated w it h t he b us in ess o f min er a l explo r a t ion d ev elo p ment a nd min in g in cludin g en vir o nment a l haza r d s in d us t ri a l a ccid ents unu su a l o r unex p ec t ed f o rmati o ns p r essu r es ca v e in s flo o d in g and go ld bull ion co p p er ca t hod e o r g o ld o r co p p er co ncent r a t e l o ss es a nd t he ri sk o f in a d eq uate in su r a nce o r in a b il it y t o o b t a in in su r a nce t o co v er t hese ri sks Ma n y o f th ese uncert a in t ies a nd co nt in g encies ca n a f f ec t our a ctu a l r esul t s a nd co ul d cause a ctu a l r esul t s t o dif f er materiall y f r o m t hose expr essed o r impli ed in a n y f o rw a r d loo king st a t eme nt s mad e b y o r o n b eha lf o f u s R ea d ers a r e ca ut ioned t hat f o rw a r d loo king st a t eme nt s a r e not g uar a nt ee s o f f ut ur e p erf o rmance A ll o f th e f o rw a r d loo king st a t e ment s mad e in t hi s p r esent a t ion a r e q uali fied by t hese ca ut iona ry st a t eme nt s Sp ec ific r ef er ence is mad e t o t he mo st r ec ent F o rm 40 FA nnu a l I nf o rm a t ion F o rm o n file wit h t he SE C a nd Ca nad ian pr o vinci a l securi t ies r eg ul a t o ry a ut horit ies f o r a dis cuss ion o f some o f th e f a ctors unde rl ying f o rw a r d loo king st a t eme nt s The co mp a n y d is claims a n y in t enti o n o r o b li g a t ion t o u p d a t e o r r ev is e a n y f o rw a r d loo king st a t eme nt s w heth er a s a r esul t o f new in f o rmati o n f ut ur e ev ents o r o t herwise ex ce p t a s r eq ui r ed b y a p p li ca b le la w