operating costs, page-12

Coppashaft,

You seem to be working damn hard at trying to find fault somewhere.

Am I missing something??

;)

Coppashaft,

It might pay to do a LOT more research on this one prior to trying to make false assumptions.

PLEASE NOTE:- I have copied and pasted directly from the June broker report by DJ Carmichael.

Production
Silver production is on track to ramp up at the Texas silver project to a targeted rate of 1.2-1.5Mozpa
by end CY12. We have modelled production rates as shown below. We assume 11Moz is converted
from the current resource base of 21Moz’s, Life of mine cash costs are estimated to be A$15/oz. To
add in some contingency and conservativeness, we assume long term cash costs of A$17/oz.
2012f 2013f 2014f 2015f
Throughput (kt) 420 950 1000 1000
Silver Grade (g/t) 64 60 60 60
Silver Recovery 62% 68% 68% 68%
Silver (koz) 574 1329 1399 1399
Cash Costs (US$/oz) 24 17 15 15
Cash Costs (A$/oz) 24 17 15 15

Coppashaft,

Now please take note of this:-

Silver Recovery 62% 68% 68% 68%

The 62% recovery has always been there and that is for 2012.

It then goes to 68% recovery thereafter.

To answer your question. Yes, you have definitely missed something.

;)