Ann: June 2012 Financial Statements , page-7

"As most here would agree, AYN is a different beast to that which existed back in 2011."

Yes, and that is the problem! In 2011 expected production was 1.5m to 2.0m oz with full production achieved in Q3 2011. By early 2012 the expected production was dropped to 1.2m to 1.5m oz p.a. - not by any clear announcement, but rather by adjusting the italicised footnotes which appear on every announcement, and which I bet very few people read.

Who cares what DJ Carmichael go on about in June? AYN's 28th August ann. is still talking about 1.2m to 1.5m oz.

Now the latest announcement just talks about ramping up to steady state production. Have to wait for the Sept qtr report, I suppose, to find out how they go during ramp up, and the Dec one to see what steady state is achieved.