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Commissioners Gold Ltd, Annual Report 2013

LETTER TO SHAREHOLDERS

Over the past 12 months your Board has led the transition of the Company from junior explorer (funded by dilutive future capital raisings) to the point of being a cash generating unit capable of funding exploration and project development in part or in whole from its own gold production cash flow.

As you are aware, we sought and found a low risk favourable mining jurisdiction in Peru and quickly focussed on becoming a modest gold producer by investing in Goldsmith Resources SAC, for a 25% interest. In joint venture with Australia Gold Corporation and SC Investments, Commissioners Gold completed a $1.8m refurbishment of the Mollehuaca Gold Plant. Project management, legal, accounting, engineering, geology, security and logistics expertise is all in place. Indeed, the Goldsmith Resources management team was significantly strengthened post balance date, to boost our capability in the gold mining business.

Five critical new managers were appointed, responsible for Lead Project, Mining, Mine Geology, Finance and Permitting. In addition, Australian engineering and completion expertise have been added through a residential Lead Project Manager, responsible for overseeing the overall execution of the mining and treatment projects. Our Australian Lead Project Manager is supported by a bilingual assistant.


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