C a ut i ona r y No t e R e ga r di ng M i n er al R eso u r ce E st i m at es I nv es t or s s houl d not as s um e t hat any of t he i ndi c at ed or i nf er r ed re s o u rc e di s c l os ed her ei n w ill ev er be u pgr ad ed to a hi gh er c at egor y of m i ner al r es our c e or to m i ner al r es er v es and t h at any or al l of t he i ndi c at ed or i nf er r ed m i ner al r es our c e e xi s t or is or w ill be ec ono m i c al l y or l egal l y f eas i bl e to m i ne In addi t i on i nv es t or s s houl d not a s s u m e t hat any of t he r ef er enc es her ei n to a dj ac ent pr op er t i es bas ed on p ubl i c i nf or m a t i on is nec es s ar i l y i ndi c at i v e of t he m i ner al i z at i on on th e Ma n f o pr op er t y or t h at f ur t her e x pl or at i o n on t he M anf o pr oper t y w ill pr ov e to be s u c c e s s f u l T he d i s c l o s u r e her ei n us es m i ner al r es our c e c l as s i f i c at i on t e rm s t hat c om p l y wi t h r epor t i ng s t an dar d s in C anada an d t he di s c l os ur e of m i ner al r es our c e es t i m at es a re m ade in ac c or danc e wi t h N at i o nal I ns t r um ent 43 1 01 S t a nd ar ds of D i s c l o s u r e f or M i n er al P r oj ec t s NI 43 10 1 is a ru l e de v el o pe d by th e C an adi a n S ec ur i t i es A d m i ni s t r at or s t hat es t abl i s hes s t andar ds f or al l publ i c di s c l os ur e an i s s uer m ak es of s c ie n t if ic and t ec hni c al i nf or m at i on c onc er ni ng m i ner al pr oj ec t s t hat a re c ons i der ed m at er i al to t he i s s uer A ll r es our c e es t i m at es c ont ai ned her ei n ar e bas e d on t he d ef i ni t i ons adopt ed by CI M an d r ec ogni z ed un der NI 43 1 01 T hes e s t an dar ds di f f er s i gni f i c ant l y f r om t he m i ner al re s e rv e di s c l os ur e r equi r em ent s of t he U S S ec ur i t i es and E x c h a nge C om m i s s i on s et out in In d u s tr y G ui de 7 C o ns equ ent l y r es our c e i nf or m at i on c ont ai ne d in t h is pr es s r el eas e is not c om par abl e to s im ila r i nf or m at i on t hat w oul d ge ner al l y be di s c l os ed by U S c o m pani es in ac c or danc e wi t h th e r ul es of th e SEC T he SEC s I ndus t r y G ui de 7 do es not r ec og ni z e m i ner al r es our c es and US c om pani es a re g en er al l y not p er m i t t ed to di s c l os e m i ner al r es our c es in doc um ent s t hey f ile wi t h t he SEC I nv es t or s a re s p e c if ic a l ly c aut i one d n ot to as s um e t hat an y par t or al l of t he m i ner al r es ou r c es di s c l os ed ab ov e w ill ev er be c onv er t ed i nt o SEC def i n ed m i ner al r es er v es F ur t her i n f e rre d m i ner al r es our c es hav e a gr eat am ount of unc er t ai nt y as to t h ei r e x i s t enc e and as to w h et her t hey c a n be m i ned le g a lly or ec on om i c al l y In ac c or danc e wi t h C a na di an r ul es es t i m a t es of i nf er r ed m i ner al r es our c es gener al l y c annot f o rm t he bas i s of an ec onom i c anal y s i s F o rw a rd Look i ng S ta te m e n ts C er t ai n s t at em ent s her ei n m ay c ont ai n f or w ar d l ook i ng s t at em ent s and f o rw a rd l o ok i ng i nf or m at i on w it h in t he m eani ng of a ppl i c abl e s ec ur i t i e s l a ws F o rw a rd l o ok i ng s t at em ent s or i nf or m at i on app ear in a n um b er of pl ac es and c an be i d ent i f i ed by t he us e of w or ds s u c h as pl ans ex pec t s or does not e x pec t is ex p ec t ed bud get s c hed ul e d e s t i m a t e s f o re c a s t s i nt ends ant i c i pat es or do es not ant i c i pa t e or b el i ev es or v ar i at i ons of s uc h w or ds a nd p hr as es or s t at em ent s t hat c er t ai n ac t i ons ev e nt s or r es ul t s m a y c oul d w oul d m i ght or w ill be t ak en oc c ur or be ac hi ev ed F or w ar d l ook i ng s t at em ent s and i nf or m at i on i nc l ude s t at em ent s r egar di ng t he m i ner al r es our c e e s t i m at e t he t im i n g of e x pl or at i on pr ogr am s and f ilin g of t ec hni c al re p o rt s and t he C om pany s e x pl or at i on pl a ns and e x pl or at i o n r es ul t s wi t h r es pe c t to t he O buas i P r oper t y an d t he M anf o P r oper t y W it h r es pec t to f o rw a rd l ook i ng s t at e m ent s and i nf or m at i on c ont ai n ed h er ei n we hav e m ad e num er ous as s u m pt i ons i nc l udi ng as s u m pt i ons about gol d pr i c e c ut of f gr ad es m et al l ur gi c al r ec ov er i es oper at i ng a nd ot h er c o s t s and t ec hni c al as s u m pt i ons us ed in t he es t i m at e S uc h f o rw a rd l o ok i ng s t at em ent s and i nf or m at i on a re s u bj ec t to r i sk s unc er t ai nt i es and ot h er f ac t or s wh i c h m ay c aus e t he C om pany s ac t ual r es ul t s per f or m anc e or ac hi ev em ent s or i ndus t r y r es ul t s to be m at er i al l y di f f er ent f r om an y f ut ur e r es ul t s per f or m anc e or ac hi ev em ent s e x pr es s ed or im p lie d by s u c h f or w ar d l ook i ng s t at em ent or i nf or m at i on S uc h r i s ks i nc l ude di s c r epa nc i es bet w ee n ac t ual a nd es t i m at ed m i ner al r es our c es s ubj ec t i v i t y of es t i m at i ng m i ner al r es our c es an d t he r el i anc e on av ai l abl e dat a and as s u m pt i ons and j u dgm ent s us ed in th e i nt er pr et at i on of s u c h dat a s pec ul at i v e an d u nc er t ai n nat ur e of gol d e x pl or at i o n e x pl or at i on c o s t s c api t al r equi r em ent s and th e a b ilit y to obt ai n f i na nc i ng v o l a t ilit y of gl obal a nd l oc al ec o nom i c c lim a t e s har e p ri c e v o la t ili t y e s ti m a te gol d p ri c e v o la t il it y c hanges in equi t y m ar k et s pol i t i c al dev el opm ent s in G hana i nc r eas es in c o s t s ex c hang e ra t e f l uc t uat i ons and ot h er r i sk s i n vo l v e d in t he gol d e x pl or at i on i n dus t r y S ee t he C om pan y s annu al i nf or m at i on f o rm and an nu al an d qu ar t er l y f i nanc i al s t at e m ent s and m anag em ent s di s c us s i on and anal y s i s f or addi t i onal i nf or m at i on on r is k s and unc er t ai nt i es r el at i ng to t he f o rw a rd l ook i ng s t at em ent and i nf or m at i on T her e c an be no as s ur anc e t hat a f o rw a rd l o ok i ng s t at em ent or i nf or m at i on r ef er enc e d her ei n w ill pr ov e to be ac c ur at e as ac t ual r es ul t s and f ut ur e ev en t s c oul d di f f er m at er i al l y f r om t hos e ant i c i pat ed in s u c h s t at e m ent s or i nf or m at i on A ls o m any of t he f ac t or s a re bey o nd t he c ont r ol of t he C om pany A c c or di ngl y r ea der s s houl d n ot as s um e t hat any of th e i ndi c at ed or i nf er r ed r es our c e w ill ev er be up gr a ded t o a hi gh er c at egor y or to m i ner al re s e rv e s and a ny or al l e xi s t or is ec onom i c al l y or l egal l y f eas i bl e to m i ne or pl ac e und ue r el i anc e on f or w ar d l ook i ng s t at em ent s or i nf or m at i o n We und er t ak e no o bl i gat i on to r ei s s ue or up dat e an y f o rw a rd l o ok i ng s t at em ent s or i nf or m at i on e x c ept as r equi r e d by la w A ll f or w ar d l ook i ng s t at em ent s and i nf or m at i on he r ei n a re qual i f i ed by t hi s c aut i onar y s t at em ent N ei t her TS X V e nt ur e E x c h an ge n or it s R egul at i on S er v i c es P r ov i de r a s t hat t e rm is def i ned in t he pol i c i es of t he TS X V ent ur e E x c ha nge ac c ept s r es pons i bi l i t y f or t he adequ ac y or ac c ur ac y of t hi s r el eas e 2