QRTLY Result, page-38

Great post JID. Summarised my thoughts and observations exactly. Head grade actually dropped 2 quarters in a row. Other subtleties ....no mention of near term potential dividend program as mentioned in previous quarterly updates.......iron ore sales previously stated to commence in Sep quarter but now 2nd half of 2014 which blind freddy can see really means very late in the year.....also more time and $$$ now required to optimise and modify the iron ore recovery plant to improve recoveries.

Remember that line from the movie 'There is something about Mary':

"First chink in the armour Ted".

Well that now applies to management credibility. No update or guidance regarding the significantly above average rainfall affecting production over many months and then it all comes out in the quarterly.......after insiders have been churning and massaging the stock lower and sideways for months lightening their holdings.

Management have a lot of work to do before confidence us restored. It is very tempting to get back in at lows of around 57c today but my gut feel is that unless POG rally's short term the shirkers are just getting set to reload. Second verse...same as the first....