Ann: Response to Media Article, page-27

Possibly the negotiations through Macquarie are to reorganise the delivery schedule of hedged gold ..... that is what I would be trying to do.
Beyond that, Harrindimill is right Albatross - NRW Holdings has the genuine (extraordinary ) reputation of under promising and over delivering in regards to most things they put their hand to. It is part of that company’s particular style and one of the things that puts it head and shoulders above the rest ( and I can cite at least six recent examples easily including their work building the Altura mine, early work here, recent bridges for main roads in Queensland and, over and over my better than expected results to shareholders.
It had crossed my mind that the same might happen with Gascoyne’s next set of results.

I assume the early Elemental Geology estimations as to the Golden Wings deposit and the extent if the upgrades at Gilbey’s were way off the mark.
I have no idea how the errors got rubber stamped during the next several years until poor NRW was obliged to waste its time mining a ‘pit with no gold.’
As Harrindimill says the more efficient combination of ore from Sly Fox and Gilbey’s, and the fact Gilbey’s is only down about 4% on its previous estimates is VERY good news and I appreciate his logical perspective on this.
(Sly Fox estimates were RPM from my research )
Also if the people on the ground there are getting results it’s going to be a far happier environment all round.

Thanks Harrindimill

Cheers