capex for hard rock, page-10

Hi all,

I agree - Shareholders should be able to do back of the envelope calculations based on Company information.

Unfortunately we cannot - we are in production and still do not no what "off Take' will be required and what is the revenue stream let alone the cost of production.

It is unique to build a production plant. start production and then have the output tested for a clients specification (with no backup if it does not). This is our RISK but management do not acknowledge this (to us).

If you do your calculations on tailing's we have only half the resource to produce the 5000tmu's per month for 24 months - no doubt a factor to get into stage 2 - 3 ASAP.

Anyway, the Stage 3 numbers we shareholders are trying to produce are based on very old stuff (2010 & 2011) and should be viewed as "ball park" numbers at best.

If you look at the last ASX announcement of 12 April 2012 we have only ....."started drilling so as to determine the mining rates, duration and method". This is a must so as to optimise a production plant. Then we are told ..... " the Feasibility Study and Front-End Engineering and Design has commenced and is anticipated to be completed by late 2012".

Thus my point - We need to sit back and wait as the past studies means little.

"Lack of Transparency" has been an issue for years on this stock and lets hope it gets better.

Tip - A bet the new MD has legacy issues RE: Tailing's Production