Ann: Quarterly Report for the Three Months ended , page-7

re: Ann: Quarterly Report for the Three Month... My takeaways
a) Excellent output at 36,497t of Cu
b) Qtr C1 cash costs of 63.5 and for the year 70.7 - excellent
c) Last para on p3 of the qtly report is sending the message that production increases will not be pursued for the sake of it. The message is "we are being focussed on repairing our standing in the investment community and getting it right"
d) OZL sold APEX minerals - good move. Would like to see SMC sold as well.
e) Cash has not significantly altered (as mentioned above) but I have noticed that the USD component is falling. My thinking here is that shipping and treatment charges are being paid out of this account.
f) Cambodia Gold project will have initial inferred resource by the end of March.

Fin Review today - p19 has a comment that OZL will prosper in 2010. With the investment community seeing Cambodia Gold resource in qtr 1 and u/g mineing at P Hill in Qtr 2, there is the beginning of an emergence of a growth profile. This is good.

HT1