From Nigel. In a nutshell.

1- Puma exiting their Russian holdings

2- Deal results in a storng cash position for Sage which will help grow the company and put us in a strategic position in the industry.

3- This deal will provide a good platform for other acquisitions of properties and companies who can go into production in a short time. [LB, I think this was a very interesting and potentially critical comment that for good reasons bears watching]

4- Kinross owns 35% of Puma and as such will become SGX shareholders. [The figure I got was that they will own 14.9 million shares of SGX or 6%].

5- Drilling will start in June in the GB area/ GE. They propose to do 1500m or about 15 holes

Best wishes,

Jerry