Ann: Quarterly Activities and Cashflow Report, page-80

Hi spec, For consideration

tails grades <0.05g/t gold,
The processing plant metallurgical recoveries have been excellent with gravity recoveries >80% and excellent leach kinetics in the CIP circuit for an overall processing plant recovery of >99%.​

As outlined in the Operational Update released on 21 September 2015, mine estimated head grade has​

exceeded the mill head grade mine-call grade of 10.9g/t gold (including low-grade material used for commissioning).


So seriously, As every thing has been independent verified, & we know the numbers achieved  in the trial mining process, the saturation of coyote's internal gravity gold traps is normal ,
& as it has soaked up approx. 4,200 oz,of gold it would be now done with, unless there is a design fault,
but as plant was only refurbished & has been independently assessed & verified
we will rule this out.

Therefore I have done some more calculations,  on what we know & based them on the coyote plant being saturated, as the only lost gold is tailings feed that is less than <0.05gram per t of gold.
This quarter OCT-31Day's
  Nov- 30 Day's
   Dec-  31 Day's
2wks on & 1wk
(off basis only )  =   92 day's x 66.6%=60 day's production average x 650t per day .

=39,ooot x recovered head grade 10.895g p/t after tailing's loss & is ultra conservative.

Noted;  average  head grade was considerably diluted with commissioning ore, & obtained without being able to access all high grade zones during two thirds of commissioning process,
& still achieved 10.9 g p/t.

Therefore I will use only an extra 1.1g p/t for max analysis-conservative!
& use 10,11 & 12 g p/t recovered.


39,ooot  of production for forthcoming quarter,
times recovered grade p/t in tables below.

10 g p/t-39o,000gr=12,540 oz x pog@ $1,600.00 =$20,064,000.00 au
11 g p/t=429,000gr =13,794oz x pog @ $1,600.00=$22,070,00o.oo au
12 g p/t =468,000gr=15,048oz x pog @$1,600.00=$24,076,800.00au

Spec; subtract costs, I'll  let you complete,
obviously there is also further upside when you factor in increasing production.
Quite bewildering  @ the moment looking @ the s/p.
imo-salt