Ann: Ballarat Gold Project - Mine Plan Revised , page-4

re: Ann: Ballarat Gold Project - Mine Plan Re... LGL results from Sept 2010 presentation by CGT.

" Lihir (LGL) acquired the Project in 2007,
•Sought large scale mining operation producing ~200kozpa over a 20 years,
•In 2008, mined 129,000t at 3.5 g/t grade = 8,395oz gold & cost A$1,132/oz,
•Decline development across 2.6km of the 3.5km strike and to depth of 525m,
•In 2009, mined 105,000t at 4.3g/t to produce 13,414oz, including:-
•September at 9.6g/t, October at 8.3g/t, November at 7.9g/t,
•Total capital expenditure to that date was in excess of A$400m,"

A key issue is the the correlation between "selectivity" and grade. I note that LGL must have mined a jewellery shop or two between September and November 2009.

There is no reason (for me) to assume that (at least) historic grades cannot be repeated however there are no guarantees... thus the expected qualifications.

cheers