Analyst repot, page-26

Steve,
I couldn't be bothered picking you up on all the points, just now, so I'll just point out a couple.

"and the outlook have improved measurably"

Well the past outlook was for 180-200,000 oz, so 95-100,000oz is not what I'd call a measureable improvement.
So how is the company going this quarter in regards to the new guidance? No comment.

The company is admitting the L8 shaft is out of action for at least 23 days out of the next 180, or over 10% of the time. That is probably going to effect production, negatively.
Spending. 2 extra leach tanks, $12m for E 15 shaft, development expenditure to continue ($9m?), repairs to L8 shaft, all need money. Exploration already cut to the bone.
Current POG would have seen a cash loss last quarter. Now there is all this extra spending (before consultants report), and a lower POG.

It all smells like a cap raise to me.


Whatever happened to the re-lining of the SAG mill? that's meant to come up soon, seems to be missing from presentation.
Why is the old 1,000TPD mill on standby? Something they are not telling us perhaps?

Annual safety audit completed with no major issues identified.

GARBAGE.

You don't keep killing people in your mine and say there are NO major issues. That there statement is what you would expect from previous management. It just means you don't want to do a proper safety audit. Same old same old.

That statement is an insult to the families of those who died in the mine this year, and tells me all I want to know about the 'new' management!!