operating costs, page-4

kh, that is true. But as the company has reduced its production forecast/target from an upper level of 2.0moz/yr to a lower target of 1.0moz without any explanation, then ifs, buts and maybes are all there are to go on.

In terms of actual costs, the company does go a long way to telling us what they were last (2nd) quarter. In the quarterly they say that production has been running at a daily rate of 2,500 to 3,000 ounces - an annual rate of 912,500 to 1,095,000 oz.

Then, the 28/8/12 ann. states that "Daily production rates are currently being maintained at the levels outlined in the Quarterly Report and the Company remains confident of achieving commercial production rates during the September Quarter and steady-state operations in the December Quarter."

So, the daily production rates of the second quarter are not commercial. The AUD POS at 28 August was about $30. Therefore for those production rates to be not commercial, production costs must be over $30/oz for 1.1moz/yr

And the targetted production is now 1.0 to 1.2 Moz/yr. But the POS has risen - so maybe 1.1Moz IS commercial now? Who knows?

The questions that I want answered before I buy back in again relate to production costs and production issues. I want to go in with my eyes open. If you wish to invest blindly then good luck to you.