$17.5 mil business expansion jun-dec., page-8

"So at present, the millions invested in plant upgrade is simply maintaining production constant. "


in other words, running to stand still.... just look at the 5 year share price.

i first started following this stock in 2007 when the share price was as it is now, no shareholder value creation there. Better off with bullion.

What investors need to ask is will the future be better than the past... cash flow from the high grade Salt Creek ore and most of the Maxwell's high grade ore will be used to repay debt and expunge the hedge book.

But then what?

Underground 4-5 gpt ore is a totally different kettle of fish compared with 3-4 gpt open pit ore at low strip.