Ann: Catalpa Launches Equity Capital Raising , page-16

A reread of the quarterly makes unpleasant reading. The huge increase in ore processed to get same amount of gold out must have worn the original sag liners out and raised the cost per ounce to over $900 for all Catalpa mines ( they didn't give each mine breakdown). My main annoyance is starting the Edna May mine with insufficient drillings. The drillings they are doing now should have been done first. It was the same story with Citycorp. Unfotunately when they fell in a heap no one would prop them up due to the GFC and poor mining results. Can Edna May be a goer? We can only wait an hope.