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Re: bobhwang post# 923

Friday, 05/15/2015 5:52:44 AM

Friday, May 15, 2015 5:52:44 AM

Post# of 2531
36,000 oz inventory to date==> Pan is Ramping Up Improved Financial Performance Expected With Planned Improvements at Pan FINANCIAL PERFORMANCE IN 2015 Pan Capex Spend to Date Projected Capex to Completion Gold Production Revenue to Date Gold Inventory to Date ~4,300oz ~$5.2M 36,000oz •?Challenges in construction and startup are reflected in increased capex. •?Production and cost guidance will be provided with completion of Reserve

36000 x current 1225$ per ounce.. Roughly $45m in inventory...

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