Ann: Quarterly Activities Report and Quarterly Cashflow Report, page-26

Have updated model with latest results
- hedge now at over 11,000oz/qtr
- last 6 months are similar to lower guidence
- cash burn of ~3million/qtr with a $2900 gold price
- grade estimated at 0.8g/t

Can not see how we can fund any real changes to operation when we have the debt and hedge to service.

The poor grade assumption has screwed us all. I still recall dave spruiking the confidence of grade in early days.

Sold half at big loss, turn around plans? cant see how we fund any of it ? Underground mining costs are >10,000/m