• a review of all major contracts and re-tendering process to take advantage of falling costs industry-wide;
• opportunities to accelerate development of satellite oxide prospects, such as the recently discovered Dynamite Hill prospect, which could potentially defer some or all of the capitalized pre-stripping at Obotan; and
• a review of mining strategies and cut-off grades.

• a material reduction in Directors' fees and salaries for all executives and senior staff;
• a reduction in exploration staff in Ghana;
• a reduction in corporate and administrative overheads across the Company, including revised arrangements with all contractors; and
• a significant reduction in exploration expenditure, with the exception of advanced prospects such as Dynamite Hill.

• a review of the pricing of all major contracts incorporated in the Feasibility Study, with a process of re-tendering currently underway to take advantage of rapidly changing cost structures across the mining and contracting industry;
  
  
• the potential to defer some or all of the capitalized pre-stripping required in the early stage of the Project's development by defining alternative sources of oxide ore feed within a 5-10km radius of the mill. This opportunity has recently been significantly progressed as a result of the discovery of the Dynamite Hill prospect, where a new zone of gold mineralization has been defined and a maiden JORC Mineral Resource could be targeted towards the end of this year; and
  
  
• a review of mining strategies and cut-off grades at the key deposits with a view to maximising cash flows during the early years of the project.

1. All PMI Directors have agreed to an immediate material reduction in their fees.
   
   
2. The base salary for the CEO, all executives and senior management will also be significantly reduced. In accordance with ASX Listing Rule 3.16.4, Mr Collin Ellison, CEO & Managing Director, has varied his existing Executive Services Agreement with a 20% reduction from his previous pay level of C$525k pa inclusive of all entitlements to C$420k pa inclusive of all entitlements.
   
   
3. Limited "Early Works" will be completed at Obotan including completion of approximately one-third of the camp upgrade and the Process plant detailed design work will be progressed to approximately 70 per cent completion. Both of these elements will enable PMI to move rapidly to commence construction and development of the project once project finance is secured. No major additional contracts will be let until project finance is in place.
   
   
4. There will be a significantly reduced regional exploration commitment for FY2014. The Company will focus on those advanced exploration opportunities which offer the best chance for defining JORC Mineral Resources and Ore Reserves in the near-term, such as the recent Dynamite Hill discovery.
   
   
5. Staff salaries in the corporate offices will be reduced or some staff will move to a reduced-hours basis. In addition, the planned recruitment of two senior corporate executives will be deferred until a decision on project commencement has occurred.
   
   
6. Corporate and administrative overheads have been reduced across the organization, with all key contractors being asked for, and agreeing to, reductions in their remuneration structures.

"We have identified several key opportunities to reduce capital and operating expenses at Obotan which we believe will go a long way to offsetting the impacts of the lower gold price. It is now well known that construction costs and other contracting expenses have fallen since commodity prices came off. This is particularly the case in West Africa, where project developments have slowed dramatically.

"Obotan already had the significant advantage of being a low-cost, high-margin producer, as shown by the 2012 Feasibility Study, and we are confident that this multi-pronged strategy will protect our margins and ensure that we are able to secure finance on attractive terms."