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Option 2 : Only II follows.
The least possible Venn diagram for the given statements is as follows,
[ src="//storage.googleapis.com/tb-img/production/21/06/F1_Shailendra%20Rajawat_15.6.21_Pallavi_D3.png" style="height: 69px; width: 253px;">
Conclusions:
I) No sand is a gold → False (As all sands are golds).
II) Some leads are not golds → True.
III) Some sands are silvers → False (As no sand is a silver).
IV) Some leads are sand → False (As no lead is a sand).
Hence, only conclusion II follows.
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