GOR - 10 % RISE MONDAY, page-20

It would be remiss not to pay a dividend next quarter - even more so if it adds somewhere in the vicinity of $30 million to the cash balance. There are less hedges to worry about, gold prices are solid and given that the plant produced softer numbers last quarter, plus management's insistence that the plant will hit its annualized targets, it should make up the shortfall by operating at closer to peak capacity. There is simply no reason to wait if those annualized targets are met. We have no meaningful debt, no quarterly installments, just a revolving line of credit.

First quarter of next year is the latest. But that's another $60 million away. I just don't see the point. It sends an extremely bad message in my book.