Ann: Quarterly Activities Report, page-19

One or two of you are posting crap and need to learn some of the basics behind the art of comprehension. Like this crap that hedging is assumed closed out at $200 out of the money. Just READ the quarterly. Don't assume. It says hedging is extant at $1606. So current spot gold price is >$1700 - so Davishite when you subtract $1600 from $1700 what do you get? No "rough guesses" needed. Do you know why they hedged at $1600 ave? Because of the bank loan of course - they were obliged to take what they could get at the time.

Working capital - again read the report - during the quarter the amount of cash flowing in and out of working capital will flow up and down due to timing. Next quarterly we should see it go in the other direction.

Another poster suggests nothing exciting happened. Well I was very excited about the fact that they have got a grip on improving gold and copper recoveries to sustainable levels. There was nothing in this quarterly to be disappointed about - it was an EXCELLENT quarter - this project is still in development phase. People appear to be looking for bloody miracles and "sexy" things. Nothing sexy happens in mining. Then regarding cash quoting another poster - "nothing generated" - They paid back $5m in debt numbnuts.

For those who struggle with reading - then they can LISTEN - if they had tuned in to the MD's review of the results over the phone the would have heard all this. The questions from the largest shareholder were very searching and well handled by the MD. AISC will go down as planned as they get in to the higher grades which they KNOW are there (not maybe there), and the hedging at 1600 will be washed out by q3.

Timbin got it right in opening post. If POG holds up by Q3 the equation is $1700 minus say $1150. No debt. I will leave it to Davishite to calculate it. What more do people want? This is a most important quarter in the turnaround story. Recording everything and still people are not happy.