Ann: Quarterly Activities Report, page-52

I think that RSG won the lottery this qtr with the performance at the Syama Oxide plant and the overall improvement in market sentiment created by the rising gold price.........At a cash cost of just $625 per oz the oxide plant kicked out $38M of cash in the qtr. That's a whopping $26M more than normal........In fact it cost $5M LESS in cash costs to produce an additional 12,000+ ozs of gold.......Almost unbelievable.........Take the $26M away from the qtrs reported $43.3M of operating cash flow and the qtr looks a bit sick.

Ravenswood is loss making, perhaps more accurately described as subsidised care and maintenance until they work out what to do. Syama oxide is obviously encountering problems, hopefully just start up issues, but until we get some clarification on costs it is a wait and see. Even Bibiani costs blew out to $3M this qtr.

Anyone who has complete confidence in this years retained guidance and forecast should go back and listen to JW's "Open briefing" in January last year.......Main reason given for retaining guidance was the expected improvement in grade in the second half due to Syama UG ramping up......12 months later and we still haven't seen it...........

Even the raving bulls seem to be a little more cautious......My view is that London is needed to replenish reserves, if everything was going to plan I don't think it would be pursued now.

This years guidance is in the hands of the Oxide plant.