where has all the gold gone

Since gold production started at the Bullabulling gold mine, the Jervois management has always managed the cost of gold production to be around twice the amount of the gold sales. Although the price of gold has increased from $382 to $1,546 per ounce over the past 10 years, Jervois has always managed the equation of gold costs will be around twice that of gold sales.

One disturbing and unbelievable figure which stands out, and is extremely difficult to comprehend, is the 2005/2006 figure of gold sales of $456,935 with a production cost of $2,051,333.

Last year, the Jervois board decided to temporarily stop gold production at the Bullabulling mine and endeavour to dispose of it. Then I ask, why is Mr.Pursell been waffling on about finding a partner etc., considering the continuous losses for the past 6 years. Also, why did Mr.Pursell purchase useless tenements from Goldpride P/L, which are adjacent to the Bullabulling mine.

After perusing a number of company Appendix 5B and annual reports for the past 6 years, the following data will show that there is something seriously wrong, as the gold production is unusually and extremely very low. That is why I say "WHERE HAS ALL THE GOLD GONE".

...........Gold Sales...Production Costs...Losses

Yr End 04...$727,071.....$1,446,071........$719,000
Yr End 05...$1,393,219...$2,230,973........$837,754
Yr End 06...$456,935.....$2,051,333........$1,594,398
Yr End 07...$1,373,534...$2,545,004........$1,171,470
Yr End 08...$2,045,218...$4,126,024........$2,080,806
Yr End 09...$1,622,021...$2,738,107........$1,116,086

This is a matter for ASIC to investigate.