re: Ann: Resignation of Managing Director / A... Hi Lionel, and...

re: Ann: Resignation of Managing Director / A... Hi Lionel, and may I say thanks for sharing that infomation.
The only thing I can come up with will be in relation to WD and that's the announcement of the 11MAR11, where MA states in the opening para....

"....? Exco has achieved a life of project average sale price of A$1,368/oz; approximately 30% above budget.
? A revised, depleted resource confirms the previous understanding of the project potential.
? Ongoing exploration and resource development is expected to extend the life of the operatio"

and to see actual Au oz, well, there are the three charts to make comparisons, but they all seem to confuse the issue for me as I'm not familiar with the phrases...."depleted and un-depleted". (I'm just a novice when it comes to this stuff. But I am trying to learn more every day). Anyway, those charts are here for you...

"Resource modelling incorporating geological interpretation, wireframing and geostatistical analysis of the White Dam Gold Deposit has led to the completion of an updated resource estimate containing:
Depleted to end of 5.99 million tonnes @ 1.00 g/t Au for 192,899 ounces
September 2010 (cut off 0.3g/t Au)
or
Un-depleted: 7.82 million tonnes @ 1.02g/t Au for 257,567 ounces
(cut off 0.3g/t Au)"

and

"The last reported resource was prepared by Chris Bolger (Polymetals Group Pty Ltd) in September 2009 and was reported using a 0.4g/t Au cut-off grade. For comparison purposes, Table 1 below shows the resource reflecting this cut-off grade.
TABLE 1: WHITE DAM OK RESOURCE ESTIMATE (0.4g/t CUT-OFF GRADE)
Totals of indicated and inferred as 7067kt oxide and fresh material @1.05g/t Au for 238.1koz/Au

Table 2 shows the October 2010 resource which has been reported using a 0.3g/t Au cut-off reflecting the current mining cut-off grade. (Un-depleted)
Totals of indicated and inferred 7827kt material @ 1.02g/tAu for 257.6 koz/Au

Table 3 below shows the October 2010 resource estimate using a 0.3 g/t Au cut-off and depleting the model to update the current mined surface as of the end of month September 2010, tabulated according to material type. (Depleted)
5998kt material @1g/tAu for 192.9koz Au


So, the figures of 75% recovery being reached to date could mean either 1) 75% of budgeted for this quarter or 2) 75% of the expected recovery for the project.
either way, we are running at 15% (of the 65%) above budgeted recovery, which I would interpret the life of the existing mine to be up very soon. The plus is that in the announcements to date, quarterlies etc, they state that average sale price is over $1360 oz. Thats average return and is 30% above budget. How good is that! and that was nearly 6 months ago, so with gold price heading in it's northly direction, any recovery now at these prices will be in excess of that average and would make it viable (IMO)
At that time, the recovery rate also indicated that WD would return 100% more than initially estimates indicated, (remember, from 50koz to 100koz) and now they're expecting more - again!

Anyway lionel, I for one do appreciate the effort to go to in your post's and I'm picking up some very usful information. I'm staying in for the long term.
I 'phoned the office myself and spoke to GL's PA. she said that he was on a plane and returning to the office later in the day. I hadn't called back as I imagined he would have more important things to do than speak to me. But you've done it, and for that I thank you (again) for sharing that conversation.
I trust the above is not a heap of 'waffle' and you are able to ghain some insight from it. I'll sort it out in good time.
In the meantime... GO WD!