solid turnover, page-6

Not quite with your question HJ.

Full plant output should be in the vicinity of 5,500 Ozs once the IsaMill is upgraded.

Presentations give the project NPV up around 280M at a POG $1800/Oz which isnt too shaby for a company with a market cap of 100M.

Many other variabes here tho.

* POG/Silver

* DR Govnmnts 25% cut

* Loan payback time.

* Eventual recoveries/will they IN FACT BE 5,500 Ozs???

Its not really any wonder that bigger money hasnt been prepared to buy it up to higher levels as yet.

That ASOF fud overhang will be an issue whilst the volume remains subdued.BUT, if Au cracks $1800 and pushes past $1825 resistance and up to $1900, and we get some kind of confirmation that they are pushing up to 2,500/3000 Ozs and are on track to reach the designed pilot numbers, then we could see more volume come in and clear that ASOF overhang.

Interesting little flurry of buying last week.Someone seemed in a hurry to get a few million.Could just be a volume aberation.Could be someone who knows something positive.Could just have been someone trading it on the chance of more positive Au/Ag price moves,which is probably the most likley scenario atm.

Whatever the case I will be keen to see what happens once the last ASOF tranche is out and the market knows there will only be around another 7M to drop at these prices.As far as I can see the buying has been very supportive at this level and so technically it is should be well supported here as well.

What Ive been impressed with to date is that ASOF has behaved itself in terms of not trying to push the price down to get more shares as per the ASOF placement conditions.But then Im not sure if these conditions applied for the WHOLE 3 placements or to each INDIVIDUAL placement.The annmnt wasnt really specific in this regard.It could well be that it applied to all 3 tranches as one as the sp hasnt budged.

d.