Old API Wind-down Ltd - Ordinary Shares ARLZQ

update from cibc report

[GOODVIBE]

recent update from CIBC:

In 2009 Casa Berardi produced 159,261 oz. of gold at total cash costs of

US$401/oz. Since production began in late 2006, Casa Berardi has been a

showcase of consistency with annual production in the range of 150,000 oz.

to 160,000 oz. per year.

Despite 2010 being a transition year, production is still expected to be close

to 150,000 oz. We believe that with the continued development and

exploration at Casa Berardi, new areas of the mine will add flexibility to the

mine plan. We are expecting production of >170,000 oz. in 2011.

On a recent mine tour (see March 14 note), we outlined robust exploration

results at surface and underground, along with the potential of an open pit

and results expected from the historical East Mine. We believe Casa Berardi

will be able to reach its capacity throughput of 2,400 tpd.

We continue to recommend Aurizon for its consistent production from Casa

Berardi, ability to generate FCF, and growth opportunities from Joanna.

Aurizon is expected to generate FCF of $40 million in 2010 and $90 million

in 2011, which can be used towards the development of Joanna.