Ann: Chief Executive Officer Announcement , page-2

"as we MOVE TOWARD our production target of 200koz per month"

"new retort at a cost of $390,000, in mid-September is required for the Company to meet its target production level"

"In addition, with the in-fill drill results, we are revising the pit designs for the southern and western cutbacks of the Boundary Pit, which are the next two areas to be mined."

"The above two initiatives were not factored into the forecast cash outflows that were included in the June 2013 quarterly cashflow report"

"We are also reviewing options to improve the Company’s working capital position."

If this is not absolute confirmation that another capital raising will be required, then I've never seen one.

We've now been given a 100% guarantee that we won't reach the required production levels in the September quarter. The idea that the forecast $17.5m mine-related expenditure for the September quarter was a "high-forecast" that the company may have been able to scale back, is rubbish. They are going to spend the $17.5m + $390K + whatever the pit-design work costs .... only they don't actually own that money.

High-pressure sprays, ball mills, new retorts, redesigned pits .... each was to have given us our mooted 200koz/month production level, but nothing ever has.

I've been a long-term supporter of this company, but the inability to deliver has gone on for too long now. Its not a silver play, its been an ongoing 2yr mine development gamble. We are way past "teething problems". Wake me up when a 200koz month has been actually delivered.

GLTA.