Ann: Toronto Listing Update, page-55

No doubt I am equally frustrated by the situation facing us with this perennial dog. I also should have known better as I chose to wake up to the web of deceit spun by management way too late. However unlike others on this forum I have not completely lost hope; so I will open myself up to ridicule by posting a couple of scenarios that may well change our fortunes (currently I have lost one here already).

I work in mining and I know project management so I submit to you all that the plant de-bottlenecking project is now very close to completion. Some have made comments that commissioning is months away; these do not hold water. Of course things can always still go wrong but in all probability we will have an optimised plant solution that will (for the first time) be able to treat the entire suite of ore types available which really is a game changer and management has not freely spoken about the frustrations and restrictions they have faced for the last 3 years being unable to send high grade (or low grade) ore to the plant because the existing plant simply won’t be able to efficiently extract the gold. This has been a very serious hand brake and one that I believe the average commentator does not recognise sufficiently. With restrictions lifted everything changes, the mining plan becomes more efficient, the haulage can be properly optimised, the plant consumes all feed types and produces gold efficiently and can be operated at steady state assuming it can be fed by the new mining contractor! The jury is still out on this critical factor; however the new bunch will have a much easier task than the task set for MACA who clearly failed. All of these factors hold the potential to significantly reduce operating costs (in addition to 12 MW of grid power now being available), improve gold recovery and therefore change the economics. What we don’t know is whether operations management can step up and deliver? The entire executive team should be sent to the jungle on a one way ticket to make it work.......they can come back home when it does!

In mining - history is not always a true reflection of what can happen in the future.......I remain sleepless still however due to the completely inept management performance to date, so if anyone wants to vote them out....I will strongly support such an initiative. For the first time this coming quarter management may just have a tail wind and not a jet steam against them........