Ann: Results of Annual General Meeting, page-29

I got out yesterday because I expect costs for this quarter will also be higher than forecast so the run down in cash balance will not look too good even if they meet the reduced production target of 17-18k ounces for the quarter. It will be interesting to see what their payables look like at end of December, and not just their cash balance.

GCY now have at best until March 2019 to get on track or they are facing a recapitalisation.

Its still worth keeping track of GCY for a turnaround. They need much higher grade ore going through the mill, much closer to the 1.3 g/t level and not under 1 g/t as is currently happening, to generate the revenue to meet bills, including debt/interest payments.

I also want them to do some useful drilling within trucking distance of the plant to find higher grade ore - at present the whole thing is a bit underwhelming, especially if the AUD POG does not head to 2000, as I am hoping over the next 12-18 months. The current reserves may just be enough to pay out their loan and meet bills, if things do not go pear shaped, but I want much more than just survival in my goldies.

GLA.

loki (a small loss is so much better than a large one, or so I have been told, and there are other fish in the ocean to catch)