re: Ann: Resignation of Managing Director / A... Thanks Jako and...

re: Ann: Resignation of Managing Director / A... Thanks Jako and MTW,

Jako, I just wanted to query some of the figures you mentioned to increase my understanding.

I think the 106koz figure you quote is the depleted resource for WD. The undepleted resource as per MTW's post was around 257koz I think. What I don't understand is how to translate that into a total mined oz figure.

The 113oz figure I think also is just EXS's share, I.e. 75%. therefore, total oz mined to 30 June 2011 for WD should be around 150k.

Now, I assume recovery rates refer to the % of gold produced to gold mined. EXS's share of gold produced to 30 June 2011 was 75k, which must mean a total of around 100k for the project.

If we now go back to the 11 March 2011 announcement MTW refers to, you will see on pg.4 that WD is expected to produce 115k ounces. If the recovery rate was previously assumed to be 65%, then that translates into an expected 177k oz mined.

At a 75% recovery rate, 177oz mined should be expected to yield 133oz gold production.

Therefore, I think that means there should be around 27k oz left to be mined (177 less 150) and/or 33k oz of production left (133 less 100).

At current gold prices and margins, if my calcs are correct, we should still generate another 25m or so of net cash from the current pit, which is consistent with EXS's statement in the last quarterly that mining will continue until November. If gold prices stay where they are and we eke out another 10m or so from the satellites, then we are still looking very undervalued.

Does this make sense to anyone? Feel free to correct me if I have it all wrong.