dead cat bounce, page-17

Kinzu,

You are referring to a very old statement. Development advance has been greater than 800m/month since March Qtr 2012. Since then it has ramped up to the current level of 1,500m/month first achieved over June Qtr 2013. However, as development is carried out by contractors it is quite feasible that the amount of development per quarter may now decrease.

The ratio of development ore to stope ore makes a big difference to head grade. They maxed out at 64% development ore over the June and September quarters 2013 but the ratio has improved since with stope ore making up c. 58% over the March 2014 quarter. It looks as though development ore made up 46% of mill feed over the last quarter with the amount of stope ore falling about 10kt below that processed in the March quarter - hence the disappointing results.
CPDLC