sept 2011 quarter report released on tsx, page-2

"Sag mill expected to be fully operational again in December quarter, so expect another lousy quarterly report in January and another reduction in cash balance."

Maybe not, Loki... with the supplementary crusher now commissioned, fine oxide throughput in the bypass circuit is 500tph from end of September... for most of the quarter throughput was only 200 tph... also plant availability was 77% as time was needed to execute the workaround so availability should be better this quarter as well.

Cash/bullion dropped from $124m to $103m (incl $4m debt payment) so not as bad as I thought and they are fully insured anyway for lost production I believe. Just bad luck with the weld failure. Moving forward the extra crusher enables them to achieve 6.5Mt throughput for the harder, higher grade ore getting production over 200k.

What I did find pleasing were all those broad, high grade and shallow drill intercepts... 13m at 20 g/t from 38m etc. But yeah, overall frustrating though the balance sheet can easily cope and they seem to have managed 'force majeure' very well I reckon.

Rowingboat