Ann: Quarterly Activities and Cashflow Report , page-7

Callback you should be using the production cashflow not the net cashflow is revenue less costs. I get $1490 because the announcement about the third load going to Barrick was on the 20th of October so more production costs needs to be included I took 650k as a guess which brings production costs to 4.5m for the 3353 ounces. Royalties also need to be included in the cash costs. I rounded this to 500k as a conservative guess which gives us a production cost of $5m for the 3353 ounces. So $1490 per ounce. What we don't know is whether there is more ore stockpiled or whether it was all trucked to Barrick. Until we know this I believe we should take the conservative view and put production costs at about $1490 an ounce. This will definitely come down in the future though and may well be less but given the report we cannot assume it to be any lower.