You guys may be interested in this - it's from a previous MON...

You guys may be interested in this - it's from a previous MON report (qrtly?) - uses some rather 'loose' language:

Chairman’s Overview

The quarter under review has been one of a bitter sweet 3 months.

The company made good progress and yet experienced difficulties with the start up pit Walhalla in relation to recovered grade.

I guess we may experience that from time to time as we acquire unloved assets and turn them around.

Our team of executives, who have worked together with me for many years, are well experienced and have a track record in turning sows ears into silk purses.

We do that by changing the style of operation, blending ore bodies, undertake aggressive exploration (which takes courage) and being singularly focussed on cost control. Some times this process unfortunately can take a little longer than hoped.

The Walhalla pit has turned out to be a crock by the nature of its bony ore (similar to the skeleton of a fish) yielding patchy gold. The pit was chosen as it was close to the mill, a low strip ratio and deemed a good operational start up pit. The total ounces were there but due to a discontinuous nature of the ore body much more tonnes were processed resulting in abysmal grades. The acquisition data we received on this pit did not indicate this type of ore body.

The positive is that the pit enabled the operation to get going, iron out all the bugs of the plant, mesh a new team of site personnel together, carry out definitional drilling on several pits to build for the future.

Mining will be completed in Walhalla in a couple of months enabling the company to move onto the more robust and different style of mineralisation at Missouri, containing resources of 132,700 ounces at 2.4g/t.

Additionally we will also bring forward mining at Riverina which has resources of 200,000 ounces at 3.8g/t to commence in the first quarter 2008.

The combination of these two higher grade pits together with mining from the resources at Mt Ida (110,000 ounces at 24g/t) should enable our target of 10,000 ounces per month to be achieved during the first quarter 2008.

It really is true the saying “no gain without pain”.