costs, page-19

Spoke to Denis McNeil yesterday about the earlier post and received the following response;

1. Unaware of AVW of Austria's investment as they only receive monthly updates of share registry.
2. A buy recommendation was to be released last night for MMN in Germany.
3. 33% of MMN's 400M shares held by ANZ Nominees on behalf of German/European shares being traded on DAX. These were the share holders that missed out on the recent share purchase plan because ANZ did not pass on the share purchase plan information because they didn't have to.
4. Heaps to be completed in May.
5. Solutions completion and commissioning in June.
6. Silver recovery trials still ongoing. Trials with end users will not progress until a bit closer to production as the end users require a minimum of 150kg's powder to conduct worthwhile trials.If MMN cannot sell the powder, will have to convert from powder to concentrate at an additional cost of approx 15c per oz.
7. Current cash costs around $7.50 - $8.00 per ounce.
8. Silver Spur slag (90,000 tons worth $45M) doing feasibility into processing for a early cash injection.
9. Feasibility study indicated that 2Moz of Ag to be produced from first year of FULL production.50000t of agglomerated ore plus similar amount of Dump leach ore was envisaged per month. Initial start up production is currently being planned