Ann: Yandal Gold Project Ore Reserve Statement, page-12

This is my train of thought as well. Sure, they could have jazzed it up by reducing the ounces & using a higher grade (which they have sort of done with their 'staged' approach). The independent mining engineer came up with those numbers & that is what they have chosen to go with. The logic behind it is: transparency. I chatted with Simon earlier & he said the following: "I wanted to ensure that the market was fully informed of our options and opportunity. If we can get the milling costs down, the entire ounces are highly profitable. It's a big reserve and mine life". I prefer Simon's open & transparent approach. As Leroy said, it is better to be conservative from the get-go & improve from there. Good to see the broker upgrade. Thought for a moment that I was the only one using 'hyperbole'.