Ann: CIL Gold and Iron Ore Concentrate Plants Con, page-4

re: Ann: CIL Gold and Iron Ore Concentrate Pl... Yeah I wasnt too phased by the announcement either but obviously some short termers were hoping for a quicker pour time. Ultimately it gives us more time to stockpile which should enable us to work more efficiently through the wet season next year.

I liked 2 key items in the announcement:
- the words 'anticipated joint operating agreement' were utilised suggesting we are very close to deal here.
- the new machinery has or is about to arrive and has been partially financed under the previously annunced finance lease arrangement. From memory this required a hedge of some of our gold at $1700 so I am glad this has either been achieved or worked around and no more capital raising is required through to first gold pour.

Good to hear the wet season is behind us and its play on from here. Ultimately the same amount of gold is there today that was there yesterday so there has been no loss in overall value for the company but I guess some people are less patient and wanted the cash to start flowing quicker.

SLE