Ann: Quarterly Activities Report , page-8

I am sorry to see John Mc go.

The POG will give some hope here again. So I bought some more (at 1/7th my previous average!)

My biggest concerns in the recent announcements was the grade was lower than thought and the mining costs (over burden, I think) higher. That is not a good trifecta

grade down
price down
costs up

But they were not real, real precise on the downs and ups.

I have a wonder (out loud). If they could hedge a little gold at 1500 AUD and I will guess they can really screw down costs now (I assume miners and truckers will work for a normal wage now (say 30% under the wild peaks they were riding)... is there a profitable operation again.

At $7mill market cap you don't need to make much to be a real business and viable for share holders

That is my big question re John Mc leaving. Even with POG recovering (I wrote him an email in April saying 'don't worry POG will be 1700 AUD again at end of year)... did John see some very poor other things that cannot be talked about.

Why is somebody selling so much around 4 cents (I just assume it is John!)

I have not read anything substantial to say the company is dead. If their 'all in costs' are 1300 or 1400 AUD per oz... so be it. Then at 1500 AUD there is a profit. I assume they are not at the FML 2000+

I still stick by my long term outcome. 2 mill oz resources, 1 mill reserves. 20 years mining at 50 k oz a year. It all depends on POG.

And given all the recent news there is a physical shortage, I hope for the best. But it sure will be long way back to break even, hey. Ouch