Ann: December 2010 Quarterly Report , page-24

Gself
The "free milling" golden age ore still contains a small percentage of refractory ore however all GA has been treated as free milling ore. Hence the % recovery is not significantly more for golden age when compared to the % recovery for the refractory ore. The refractory ore sections of the plant are still up and running so there is no huge cost saving for milling golden age.

You are right that MA yells from the roof tops any good news and keeps the bad news close to his chest. He is an accountant by trade so he is used to moving numbers around to give the desired answer. First quarter that I am aware of where cash on hand actually increased.

The recovery of gold from BIOX simply reduces the gold in circuit. Clean up of spilt foam does improve the next gold pour but if they left more reactors on-line they would have healthier bugs, better recovery and less foam = less spillage. The gold is in circuit for a reason. As a general rule, longer retention times in circuit means better recovery. If they ever learn to stop raping the gold from the circuit, they will improve recovery and lower cost of production and make more money but, MA is an accountant not a miner or metallurgist. His immediate interests are with moving the numbers about (raping the milling circuit) rather than ironing out problems in the process.

Apex's problems stem from power issues and primarily, their inability to get the required tonnes at the required grade to the mill. Now having multiple ore bodies accessible helps and de-risks the mining operation. Looks as though they have decided to mill what was previously considered to be waste ore that they still had to mine and move underground. This explains the "remodelling" that increased the resource and explains the extra ore trucked to the mill. Turns out there was more gold in that waste than they previously thought.

One miners trash is another miners treasure.