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					                                                    Investor presentation
                                                    July 2010




  Disclaimer



  All statements in this presentation, other than historical facts, that address exploration activities and mining potential
  are forward-looking statements. Although Galaxy Gold believes the expectations expressed in such forward-looking
  statements are based on reasonable assumptions, such statements should not in any way be construed as guarantees
  of future performance. Factors that could cause developments to differ materially from those expressed include actual
  exploration results, technical analysis and prevailing capital market conditions. The company is subject to specific risks
  inherent in the exploration and mining business and general economic and business conditions. Times and dates in this
  presentation may be changed, depending on market conditions and other relevant developments.




                                                              2
Galaxy Gold Investor presentation 30 July 2010




                                                                                                                               1
  Barberton Greenstone Belt (BGB): a very old story

       3.5 billion years old; one of at least two primary sources of gold in SA
       First focus of SA gold exploration, mining: 1884
       Problem: sulphides contained in BGB ore bodies below 100m
       From 1894, interest shifts to metallurgically simpler Witwatersrand Basin
       21st century: attention moves back to BGB




                                                 Galaxy Gold




                                                               3
Galaxy Gold Investor presentation 30 July 2010




  Galaxy Gold: the compelling new take

       Gold exploration and mining
                            Belt focused
        Barberton Greenstone Belt-focused
       Five critical ‘enablers’:
           •      Biox technology
           •      high-tonnage materials-handling
           •      large, high-grade resource; 21 new ore bodies
           •      strong multi-disciplinary team
           •      sound understanding of geology




                                                               4
Galaxy Gold Investor presentation 30 July 2010




                                                                                    2
  Galaxy Gold: the compelling new take, cont’d

       Assets acquired for R17 million, December 2008; R130 million private funding to date
                 p plan currently implemented
        23 000oz/pa p             y p
         • 18 000tpm at 4.6g/t in situ; cash cost <US$500/oz
       75 000oz/pa plan by March 2012
         • 53 000tpm at 5.3g/t in situ; cash cost <US$400/oz
       Significant brown- and greenfields exploration upside potential
       Targeting SAMREC-compliant resource of 5Moz by 2014/15
       R250-400m required for production of 53 000tpm and ongoing brown-
        and greenfields exploration
       Private placement and JSE listing in Q3 2010
       Black Economic Empowerment compliance imminent




                                                                  5
Galaxy Gold Investor presentation 30 July 2010




  Galaxy Gold: proposed corporate structure after listing


                                                          Galaxy Gold
                                                         Mining Limited

                                                                74%


                Employee                                                                         Black
            share participation                            Operating                     economic empowerment
                                                 5-10%     subsidiary     16-21%
             scheme (ESPS)                                                                     company

                                                                100%


                                                          Operations               60%                   40%

                                                                              BEE strategic
                                                                                                     Community trusts
                                                                                 partners
                                                                                                      (through SPV)
                                                                              (through SPV)




                                                                  6
Galaxy Gold Investor presentation 30 July 2010




                                                                                                                        3
  Galaxy Gold: compared with a typical Wits Basin mine

                                                   $1 200/oz    Gold price         $1 200/oz
                                                    $800/oz      Cash cost          $400/oz
                                                    $400/oz
                                                    $                 g
                                                                  Margin            $800/oz
                                                                                    $
                                                        33%     Percentage              66%
                                                       4h/8h     Face time             7h/8h
                                                           Current costs

                                                 Mining cost                 Mining cost
                                                   R450/t                      R200/t


                                                  Hoisting,                   Hoisting,
                                                 hauling cost                hauling cost
                                                    R300/t                     R5-10/t


                                                 Processing                  Processing
                                                   R120/t                      R100/t


                                                  Total cost                  Total cost
                                                   R870/t                      R305/t




                                                                    7
Galaxy Gold Investor presentation 30 July 2010




  Galaxy Gold: mining lease area




                                                                    8
Galaxy Gold Investor presentation 30 July 2010




                                                                                               4
    Galaxy Gold: long section: exploration strategy




       Data capture of historical data (May 2010)                                          Initiate brownfields drilling programme (July 2010)
          •     structural mapping, ground geophysics, borehole                                •     surface and underground drilling:
                and underground sampling data                                                            •    i d t        i          dditi   l 4Moz
                                                                                                             aimed at proving up an additional 4M
       Initiate structural interpretation (June 2010)                                                   •   exploration target by 2014
          •     regional structural interpretation:                                         Initiate greenfields exploration programme (Jan 2011)
                    •    remote sensing                                                        •     based on structural interpretation, ground mapping,
                    •    satellite imagery                                                           geophysics and soil geochem
                    •    Quickbird imagery interpretation
          •     local structural target generation:
                    •    ground mapping
                    •    geochemical soil sampling
                    •    geophysics
                                                                                    9
Galaxy Gold Investor presentation 30 July 2010




    Galaxy Gold: schematic gold grade distribution curve
    for combined mine ore bodies


                                                                                                                                                **




                                                 **No contingencies, actual costs


                                                                                    10
Galaxy Gold Investor presentation 30 July 2010




                                                                                                                                                           5
       Galaxy Gold: process flow


                                                                                           80% recovery



                                                                                           90% recovery


         53ktpm ore




                                           90% throughput



                                                                                                                                                75koz pa gold




                                                                                           11
     Galaxy Gold Investor presentation 30 July 2010




       Galaxy Gold: achievements to date

                                                                   Re-commissioning of
                                                                  underground operations

                                                                                                                            Completion of Draft 1
                                                                                                                          Competent Person’s Report
                                In-principle approval by
                                 Department of Mineral
                                                                                                                                               Achieve,
Acquisition of mine                    Resources                                                                 First gold pour
                                                                                                                                           exceed breakeven




      Dec 2008            Mar 2009            Apr 2009        Jun 2009      Aug 2009       Sep 2009     Nov 2009        Dec 2009     Jan 2010      May 2010


                                                                                Re-commissioning of
                                                                                 surface operations

                                                      De watering of mine
                                                      De-watering
                                                                                                Conceive, design and                      Completion of 1Moz
                                                                                                 build new Biox plant                     SAMREC-compliant
     Re-instatement of Old Order Rights                                                                                                   resource and reserve




                                                                                           12
     Galaxy Gold Investor presentation 30 July 2010




                                                                                                                                                                 6
                                                                                                                                                                                                                                                                                                                             Tons per month


                                                                                                                 Total cash cost Us$/oz




                                                                                                                                                                                                                                                                                                         0
                                                                                                                                                                                                                                                                                                                    10 000
                                                                                                                                                                                                                                                                                                                              20 000
                                                                                                                                                                                                                                                                                                                                            30 000
                                                                                                                                                                                                                                                                                                                                                     40 000
                                                                                                                                                                                                                                                                                                                                                                                50 000
                                                                                                                                                                                                                                                                                                                                                                                                    60 000




                                                                                                                                                                                                                                                                                                                    10 000
                                                                                                                                                                                                                                                                                                                              20 000
                                                                                                                                                                                                                                                                                                                                            30 000
                                                                                                                                                                                                                                                                                                                                                     40 000
                                                                                                                                                                                                                                                                                                                                                                                50 000
                                                                                                                                                                                                                                                                                                                                                                                                    60 000
                                                                                                                                                                                                                                                                                              Dec 2008




                                                                                                            0
                                                                                                                200
                                                                                                                      400
                                                                                                                                             600
                                                                                                                                                          800
                                                                                                                                                                  1 000
                                                                                                                                                                          1 200
                                                                                         Mp
                                                                                          on
                                                                                                e
                                                                                          Ya ng
                                                                                                  tela
                                                                                        T           It
                                                                                    Ko a si a y
                                                                                        pa st                                                                                                                                                                                                 Jun 2009
                                                                                             na
                                                                                                   ng




                                                                                                                                                                                                                                                                                                             0tpm
                                                                                            Ma




    Galaxy Gold Investor presentation 30 July 2010
                                                                                                                                                                                                                                        Galaxy Gold Investor presentation 30 July 2010
                                                                             Mo
                                                                                ab Bon na




                                                                                                                                                                                  Galaxy Gold:
                                                                                     Kh i kr
                                                                                         o           o
                                                                                     Sa tsong
                                                                                         bo
                                                                         Bo            C h dala
                                                                             uro             i ra



                                                                                                                                                                                                                                                                                                                                                      May 2010
                                                                                 um A no                                                                                                                                                                                                                                                              Breakeven
                                                                                                                                                                                                                                                                                                                                                     achieved by
                                                                                      Ta haf o
                                                                                          pa                                                                                                                                                                                                  Dec 2009
                                                                                                                                                                                                                                                                                                                                                                                                        Privately funded (R80m)




                                                                                        S a rk o
                                                                                              d
                                                                                        Ta iola
                                                                                              rk
                                                                                         Wa w a
                                                                                                ssa




                                                                                                                            Galaxy Gold cash cost range
                                                                                    Idu Mor
                                                                                         ap ila
                                                                                               ri e
                                                                                                   m
                                                                                   D r Sigu
                                                                                      iefo ir                                                                                                                                                                                                 Jun 2010
                                                                                             nte i
                                                                                           L in
                                                                                      Ta oulo
                                                                                          uT
                                                                                                on
                                                                                                     a
                                                                                    N a Kloo
                                                                                        va              f
                                                                                                                                                                                                                                                                                                                                                              Capital raising




                                                     14
                                                                                                                                                                                                                                                                                         13
                                                                                      D a chab
                                                                                          ma
                                                                                                                                                                                                                                                                                                                                18 000tpm


                                                                                        Ob ng                                                                                                                                                                                                 Dec 2010
                                                                                       Ka uasi
                                                                                            lsa
                                                                                          Be ka
                                                                                                a
                                                                                        H a t rix




                                                          Various African gold mines
                                                                                               ss
                                                                                          Ta ai
                                                                                      Fre rge
                                                                                    Ba ego t
                                                                                         rbe ld
                                                                                        Ka rton                                                                                                                                                                                               Jun 2011
                                                                                              lgo                                                           Barberton area
                                                                                 So Ki ni ld
                                                                                      ut h ero
                                                                                            De
                                                                                       B ep
                                                           El a                     Fre ogos
                                                                nd                       eS u
                                                                   s ra                Va tate
                                                                         nd
                                                                              (K Tau nt age
                                                                                us                                                                                                                                                                                                            Dec 2011
                                                                                    as Leko
                                                                                       ale a
                                                                                                                                                                     rton area
                                                                                                                                                                Barber
                                                                                             t
                                                                                       M hu
                                                                                  Sa upa )
                                                                                       mir ne
                                                                                                                                                                                                                                                                                                                                                                                                                                  Galaxy Gold: anticipated production build-up




                                                                                            aH
                                                                                                    ill
                                                                                    D o Youg
                                                                                         or           a
                                                                               Gr Ev nkop
                                                                                 ea
                                                                                     t N ande
                                                                                          oli                                                                                                                                                                                                 Jun 2012
                                                          Bl y                                 g r
                                                               vo                        Ka wa
                                                                 o ru                          lan
                                                                      it z
                                                                           ich                       a
                                                                                                                                                                                                                                                                                                                                                                                                                 p




                                                                                               Le
                                                                                                                                                                                                                                                                                                                                                                                         New funding (R250-R400m)




                                                                               tU
                                                                                  n d Sa v f a
                                                                                                                                                                                                                                                                                                                                                                                                          53 000tpm




                                                                                      erg uka
                                                                                           ro u
                                                                                                   nd




                                                                                                                                                                                  cash costs benchmarked against other gold producers
                                                                                                                                                                                                                                                                                              Dec 2012




7
                                                          Galaxy Gold: allocation of funds

                                                                      Repayment loans                                                        Upgrade of underground                                         Total funds
                                                                         R0 (0%)                                       Social and labour plan mining operations                                              R340m
                                                                                                                                          R8m                 R16m
                                                                                                                                                              R16

                                                                                                                                                                   New adits
                                                                                                                                                   2%                R22m
                                                                                                         Working capital
                                                                                                                                                        5%
                                                                                                                R64m                                          6%             Acquisition of underground
                                                                                                                                      19%
                                                                                                                                                                                 mining equipment
                                                                                                                                                                    11%              R38m




                                                                                                                             14%
                                                                                    Operational funding
                                                                                                                                                                   29%
                                                                                                R48m
                                                                                                                                     5%
                                                                                                                                            9%                             New, upgraded process
                                                                                                 Exploration drilling                                                              plant
                                                                                                            R16m
                                                                                                                                                                                    R96m

                                                                                                           Upgraded infrastructure
                                                                                                            and including slimes
                                                                                                                   R32m
                                                                                                                                                         15
                                                        Galaxy Gold Investor presentation 30 July 2010




                                                          Anticipated indicative Galaxy investment case 2010-15


                                                        R billion                                                                                                                                                   Value
                                                                                                                                                                                                               Gold production
                                                    *
             ndicative value at market related value*




                                                                                                                                                                                                                >75 000oz pa
                                                             R5
                                                                                                                                                                                                                 Exploration
                                                                                                                                                                                                                   5.0Moz
                                                                                                                                                                                               Value
                                                                                                                                                                                          Gold production
                                                           R3.5                                                                                                                            68 000oz pa
                                                                                               WE ARE HERE:                                                          Value                 Exploration
                                                                                                    value at listing                                                                          3.0Moz
                                                                                                                                                               Gold production
                                                                                                        R980m
                                                           R2.5                                                                                                 63 000oz pa
                                                                                                                                                                Exploration
                                                                                                                                           Value                   2.0Moz
                                                                                                                                     Gold production
                                                           R1.5                                                                       18 000oz pa
                                                                                                                                      Exploration
Galaxy Gold in




                                                          R0.9
                                                          R0 9                                 CPR value                                 1.5Moz
                                                                                                  R300m
                                                                                              Gold production                                       3x
                                                                                                                       R980m value




                                                          R0.3                                    0oz pa                                                                             4x
                                                                        Acquisition            Exploration
                                                         R0.02                                                                                                                                                6x
                                                                          R17m                    1.0Moz


                                                                  2008                                   2009                             2010                      2011                    2012                   2015


                                                                  *Assumed market value of US$100/oz
                                                                                                                                                         16
                                                        Galaxy Gold Investor presentation 30 July 2010




                                                                                                                                                                                                                                 8
  Galaxy Gold: equity raising term sheet


    Offering                                     Marketed private placement of common shares

    Offering size                                R250m to R400m

    Use of proceeds                              Increase of production in stages from 18 000tpm to 53 000tpm; large cross-section adit
                                                 development; increased Biox plant capacity; increase resource to target of 5Moz SAMREC-
                                                 compliant MI&I

    Offering basis                               Private placement in South Africa, United States, Canada and United Kingdom

    Listing                                      JSE, Q3 2010

    Sole book runner                             Allan Hochreiter (Pty) Ltd

    Lead manager                                 Allan Hochreiter (Pty) Ltd




                                                                              17
Galaxy Gold Investor presentation 30 July 2010




  Shareholding


    Management lock-up                                    Period                        two years
                                                          Percentage locked in          85% to 50% after two years
                                                          Price: year one               cost plus 10%
                                                          Price: year two               cost plus 15%



    Shareholders                                          Peter Skeat                          30%
    as at June 2010                                       Valomate                             22%
                                                          Raven                                20%
                                                          Other                                11%
                                                          Wesco                                 9%
                                                          Wayne Hatton-Jones                    8%
                                                          Total                               100%




                                                                              18
Galaxy Gold Investor presentation 30 July 2010




                                                                                                                                           9
  Gold price, breakeven costs




                                                                                                                                                              Galaxy margin
                                                                          Wits Basin breakeven cost




                                                                           Old Agnes gold mine breakeven cost (pre-Galaxy)

                                                                            New Galaxy breakeven cost




                                                                                                19
Galaxy Gold Investor presentation 30 July 2010




  Galaxy Gold: Board of Directors

                       Ian Watson (Non-executive Chairman)                                           Hugh Roberts (Non-executive Director)
                       Ian, a mining engineer, retired at the end of 2009 as Chief Executive         Hugh, an actuary, is a private investor and has been active in the
                       Officer of Platmin Limited. Previous positions held include: Chief            investment management field for the past 10 years. Previously, he
                       Executive Officer of International Ferro Metals (SA); Managing
                                                                            ( );       g g           was employed by African Life Insurance Limited in various capacities
                                                                                                             p y      y                                              p
                       Director of Northam Platinum and Consulting Engineer at Gold Fields           for a period of 16 years, latterly as Financial Director of the holding
                       of South Africa Limited.                                                      company.


                       Peter Skeat (Chief Executive Officer)                                         Trevor Fourie (Non-executive Director)
                       Peter, a civil engineer and mining engineer, is Managing Director of          Trevor has extensive experience in the financial services sector,
                       the Skeat Mining Group and a former Chief Operating Officer of                including 21 years in corporate and retail banking with Barclays Bank
                       Mintails Limited. His 22-year career in the South African mining              and First National Bank. He was an executive director of FBC Future
                       industry includes extensive experience of high-volume materials               Bank Corporation and Marketing Director for Wesbank, before
                       handling associated with opencast mining and civil engineering                relocating to Australia where he was Chief Executive Officer of Rand
                       projects.                                                                     Merchant Bank’s leasing division. From 2008 he has pursued his own
                                                                                                     ventures, including Valomate (Pty) Limited, an investment company
                                                                                                     in the resources sector.

                       Wayne Hatton-Jones (Chief Operating Officer:                                  Barry Pulford (Non-executive Director)
                       alternate to Peter Skeat)                                                     Barry has been involved in financial services and stock broking for 20
                       Wayne, a metallurgist, has 22 years’ experience in the mining                 years. He is a non-practising stockbroker and runs a boutique
                       industries of South Africa, Mali, Tajikistan, Kazakhstan and Romania.         corporate finance business. He has served on the boards of two
                       Most
                       M t recently, h was G
                                   tl he        General Ml Manager of th E
                                                                      f the Ergo gold surface
                                                                                   ld    f                                          private,
                                                                                                     listed companies and various private family-owned companies He
                                                                                                                                                           companies.
                       retreatment joint venture between DRDGOLD Limited and Mintails                has also served on the Main Committee of the JSE, as well as on the
                       Limited, and has held senior positions with Harmony Gold Mining               boards and committees of various clubs and charitable trusts.
                       Limited, DRDGOLD Limited and Avocet Mining Limited.

                                                                                                     Inus Prinsloo (alternate to Trevor Fourie)
                                                                                                     Inus, a chartered accountant, has spent much of his career in the
                                                                                                     merchant banking field in South Africa and now runs his own
                                                                                                     corporate financial advisory practice. Previously he played a key role
                                                                                                     in the launching of FutureBank Corporation (FBC), South Africa’s first
                                                                                                     substantial black-controlled banking group, and in FBC’s subsequent
                                                                                                     acquisition by Fidelity Bank to create FBC Fidelity Bank.


                        *BEE appointment to be advised
                                                                                                20
Galaxy Gold Investor presentation 30 July 2010




                                                                                                                                                                               10
  Operating subsidiary: senior management

                         Steve Venn (Director: Mining and Engineering)
                         Steve, a director of Galaxy Gold’s operating subsidiary, has nearly 25 years’ experience of mining in Zimbabwe and South Africa. He began his career with
                         Randfontein Estates, then moved to Falcon Mines Limited Plc in Zimbabwe. He later joined Metallon Gold Limited, first as General Manager of its How Mine
                                                                                                                                 Belt    recently
                         in Zimbabwe and then as General Manager of its Agnes Mine on South Africa¹s Baberton Greenstone Belt. Most recently, he was Group Manager: Mining for
                         Central African Gold Limited.


                         Dale Richards (Director: Geology and Exploration)
                         Dale, a director of Galaxy Gold’s operating subsidiary, has 15 years’ experience in the fields of geology, mineral resource estimation and mine planning in African
                         countries, including Ghana, Mali, Zimbabwe and Rwanda. He has also operated in the Commonwealth of Independent States and the United States. Notably,
                         he has experience in gold mineralising systems including greenstone ore bodies, acquired while working in West Africa. Most recently, he was Group Manager:
                         Mineral Resources for Great Basin Gold Limited, and has worked variously for Central African Gold Limited, Ghana Manganese Company,Tarkwa Gold Mine,
                         and Gold Fields Limited.


                         Peter Skeat (Chief Executive Officer)
                         Peter, a civil engineer and mining engineer, is Managing Director of the Skeat Mining Group and a former Chief Operating Officer of Mintails Limited. His 22-year
                         career in the South African mining industry includes extensive experience of high-volume materials handling associated with opencast mining and civil
                         engineering projects.


                         Wayne Hatton-Jones (Chief Operating Officer: alternate to Peter Skeat)
                         Wayne, a metallurgist, a director of Galaxy Gold’s operating subsidiary, has 22 years’ experience in the mining industries of South Africa, Mali, Tajikistan,
                         Kazakhstan and Romania. Most recently, he was General Manager of the Ergo gold surface retreatment joint venture between DRDGOLD Limited and Mintails
                         Limited, and has held senior positions with Harmony Gold Mining Limited, DRDGOLD Limited and Avocet Mining Limited.



                         Chris Todd (Chief Financial Officer)
                         Chris has 22 years¹ financial management experience in the mining industries of both South Africa and Tajikistan. Most recently, he was Financial Manager at the
                         Ergo gold surface retreatment joint venture between DRDGOLD Limited and Mintails Limited.




                                                                                               21
Galaxy Gold Investor presentation 30 July 2010




  Questions




                                                                                               22
Galaxy Gold Investor presentation 30 July 2010




                                                                                                                                                                                               11
                                                      Contact
                                                      Peter Skeat
                                                      Tel:      +27 11 486 2842
                                                      Cell:
                                                      C ll      +27 82 464 0555
                                                      Email:    pskeat@gds.co.za

                                                      René Hochreiter

                                                      Tel:      +27 11 325 5457

                                                      Cell:     +27 83 633 6677

                                                      Email:    rene@allanhochreiter.co.za

                                                      Ian Watson

                                                      Tel:      +27 11 783 0260

                                                      Cell:     +27 82 653 5520

                                                      Email:    watsoncontact@gmail.com




Galaxy Gold Investor presentation 30 July 2010




                                                              Appendices




                                                 24
Galaxy Gold Investor presentation 30 July 2010




                                                                                             12
  Galaxy Gold: schematic gold grade distribution curves
  for seven mine ore bodies




                                                                                   25
Galaxy Gold Investor presentation 30 July 2010




  Galaxy Gold: summary input parameters

         Financial year                           2011        2012      2013      2014      2015      2016      2017      2018      2019      2020

         Gold price                                1 200       1 100     1 000     1 000     1 000     1 000     1 000     1 000     1 000     1 000

         R/$ exchange rate                           7.5         7.5       7.5       7.5       7.5       7.5       7.5       7.5       7.5       7.5

         ROM tonnes                              175 508     531 000   576 000   636 000   636 000   636 000   636 000   636 000   636 000   636 000

         In-situ grade                              4.54        5.37      5.33      5.30      5.30      5.30      5.30      5.30      5.30      5.30

         Concentrator recovery                    91.8%       92.0%     90.9%     90.9%     90.9%     90.9%     90.9%     90.9%     90.9%     90.9%

         Biox recovery                            93.3%       91.4%     90.6%     90.4%     90.4%     90.4%     90.4%     90.4%     90.4%     90.4%

         Overall recovery (%)                       86%         84%       82%       82%       82%       82%       82%       82%       82%       82%

         Oz produced                              18 297      63 109    68 279    74 719    74 719    74 719    74 719    74 719    74 719    74 719

         ZAR/t costs*                             287.69      276.73    271.96    272.47    272.47    272.47    272.47    272.47    272.47    272.47

         USD/oz costs                             436.43      340.51    334.61    336.96    336.96    336.96    336.96    336.96    336.96    336.96

         Revenue (Rm)                             164.67      520.65    512.09    560.39    560.39    560.39    560.39    560.39    560.39    560.39

         Costs (Rm)                                53.02      154.29    164.48    181.95    181.95    181.95    181.95    181.95    181.95    181.95

         Profit (Rm)                              111 66
                                                  111.66      366 35
                                                              366.35    347.62
                                                                        347 62    378.43
                                                                                  378 43    378.43
                                                                                            378 43    378.43
                                                                                                      378 43    378.43
                                                                                                                378 43    378 43
                                                                                                                          378.43    378 43
                                                                                                                                    378.43    378.43
                                                                                                                                              378 43

         Royalty (Rm)                               0.82       17.24     25.18     31.14     31.14     31.14     31.14     31.14     31.14     31.14

         Artisan/technical incentive scheme         6.88        6.88      6.88      6.88      6.88      6.88      6.88      6.88      6.88      6.88

         Tax (Rm)                                        -     46.19     72.10     90.47     90.47     90.47     90.47     90.47     90.47     90.47

         Capex (Rm)                               117.75      164.46     58.05     17.33     17.33     17.33     17.33     17.33     17.33     17.33

         Distributable cash (Rm)                  -13.79      131.59    185.41    232.62    232.62    232.62    232.62    232.62    232.62    232.62

         P/E ratio                                 -79.2         8.3       5.9       4.7       4.7       4.7       4.7       4.7       4.7       4.7

         *Including contingencies

                                                                                   26
Galaxy Gold Investor presentation 30 July 2010




                                                                                                                                                       13
  Galaxy Gold: gold price sensitivity analysis

    NPV (Rm)
       1 400
            1 200
            1 000
                800
                600
                400
                200
                     0
                                     80%                 90%        100%          110%            120%
                                                                   Base case

                                                 Operating costs          Capex          Gold price


                                                                     27
Galaxy Gold Investor presentation 30 July 2010




                                                                                                         14

				
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