Ann: Integration Update , page-11

Hi Chuk/others
The largest "cost saving " in immediate post merger items announced today , was the $15 mill cut back on exploration in the Mt. Monger /Randalls/ Aldiss area for the forthcoming year ( assume calender yr 2013 ?)
"A review and prioritisation of the Mount Monger/Randalls/Aldiss projects has
resulted in a reduction in exploration expenditure per annum from a previously
combined total of $33 million down to $18 million."

Whilst still aggressively "healthy" , it probably says SLR sees enough "in the pipeline" to meet their revised combined production targets for the new milling arrangements . Might mean Majestic/Imperial open pit and even Cockeyed Bob underground ( decline finished and initial trial ore ready?)are in the revised mining frame ?

Expenditure saving also likely means Board / Davis have the payment of a dividend 2013/2014 Financial Year as noted most recent Chairmans Address as a clear objective ...which Insto's would be well aware of ,and should override any meaningful "fluctuations" brought about by this and maybe the next Quarterly .
Just thoughts to ponder .