are we getting rogered , page-3

Lots of lemmings blindly awarding thumbs up for an inaccurate post. Catalpa produced 96,109 ounces last financial year which certainly doesn't equate to 12.86% of production for the merged entity, of which Cracow (the NCM asset) contributed 30,517 ounces (Edna May the difference).

Catalpa's costs at Edna May included one-off costs associated with reliability improvements fully expensed in FY2011 (i.e. past costs are not a reliable indicator of future costs).

Also you seem to have selectively ignored Catalpa's high grade underground operation set to commence next year (~ 7g/t), reducing costs further and increasing output.

And the list goes on.....