Ann: Appendix 4D and Half Year Report, page-53

But investing in explorers is a gamble and thats what Esh is getting at. Its ok for an explorer to be a gamble, but a producer should not be a gamble in this day and age with all the so called feasibility studies and resource definition that goes on or should go on but unfortunately too many times investing in a producer is a gamble, and not just a gamble on what the POG will be over the life of the mine, but also a gamble that the company does not hide (or dress up) stuff to the market and that they can operate efficiently & professionally and that their Geo's etc know what they are doing (ie their models are accurate enough to form realistic production estimates) and lastly as he said that they are there to mine the ground and not the market. You want to be a shareholder and not a resource for the company.