Ann: Revised Production Guidance & Operational Update, page-9

The Nov ann said:
Cost Review
"The Company’s current management completed a full review of operational and corporate costs which resulted in the revision of steady state all-in sustaining cost guidance to a range of US$670 – US$720 per ounce (Refer to ASX Announcement - Investor Presentation 01/09/2014).
The Company advises that total costs are running below forecast levels, however the reduced production rate identified above is likely to see a short-term increase in unit costs. Once steady state production levels have been attained, the all-in sustaining costs are expected to fall within the guidance range."

For the all-in sustaining costs (US$670-$US$720 per oz) to fall within the guidance is the most important piece of news in the announcement, the rest is short term detail which, no doubt, has appealed to traders.
With a new safety engineer and Bill Phillips (argueably on of the world's best practical narrow vein
miners) at the mine face, the forward fundamentals look as good as ever. We simply have to be patient, IMO.
A margin later of say US$420/oz (A$510) is excellent vis-a-vis other gold miners and should take the SP close to the broker's August valuation; anything extra from the Splay Vein would be a bonus.

Happy Christmas to all
Moorookamick