Ann: AGM 2011 Presentation , page-31

Two things from the AGM presentation.

On page 57, re hedging, there will be an extra 10,000 ounces going to the spot market by the end of the financial year. If AUS$ POG maintains, that's approximately $4,000,000 additional cash profit. And extra cash each following quarter thereafter.

They have identified an another 180,000 oz from the southern end of Salt Creek pit. With the pit already there, that additional ore could be produced without a huge capital outlay.