Ann: Accounts Lodgement Update , page-109

Hi Humble,

thanks fr the reply (actually appreciate that you replied given that I'm stuck in Alaska when PLV finally resumes trading!) - I'm not sure I'm following you though and would appreciate further clarification. Have to admit to being severely jet-lagged at them moment, so please excuse me if I'm not making much sense.

The report (p12) says that we've received something like $61.8 million (which seems to have been spent) and no we are mining we are looking to be getting a further $128 million upon delivery of that ore. In order to produce that ore, we will be spending $123 million.

These numbers are telling me that we are basically going to make nothing off the 2 million tones of ore that we have pre-sold. So what am I missing? Are the figures in the report really conservative or is it that we expect to make nothing on the first 2 million tonnes just because of all the one-off expenses involved with in getting things going? I guess I'm having trouble seeing how we are going to fund the rilling which is hopefully where PLV can do some massive value-adding.

Cheers!