Zenyatta Ventures Ltd

We must bear in mind this is a PEA and this report is really to determine if the project is suitable to go forward to PFS or not. As an average the industry reckons a PEA is +/- 50% accurate a PFS +/-30% and a FS +/-10-15%. Most people, Roth included, were surprised with the conservative nature of the PEA so if we factor in a +50% margin for error on top of their conservatism, the numbers will look very different.