I, page-8

My point across a couple of threads... with NO NEWS we can only assume the guidance going forward.... the guidance for the next 6 months is as stated.  The calculator, at the low end is 120k @ 690, so if POG is 1290 average, we have 600 x 120,000 = $72 mill profit/cash flow for six months.

What you need to watch out for are any tricky announcements re cash flow / debt repayment.

And here is the tricky:  the last two announcements kind of contradict each other.  The guidance shows free cash of $72 mill in the next six months.  On hand the company has $33 mill of cash and bullion.  There you have $105 mill.

But  then the company says the 60 mill borrowing will enable 'accelerated exploration'.

Here the tricky.... "why does a company with $105mill cash need to borrow $60 mill to explore"

Tricky two....  "the company said it would be debt free by end 2014;   and on paper it should be;  but why have they stopped talking about that"

Tricky three...  "the company is still  talking about dividend post 2014 (in the 30 June announcement"

Well... I have just confused myself.  The announcements seem to contradict?   HELP!

Quarterly
Second half of 2014 gold production guidance of 120,000 – 140,000 ounces remains unchanged with cash costs of US$440 - US$490 per ounce, AISC expected to be in the range of US$640 – US$690 per ounce.


30 June Finance announcement

Upon the expected completion of the mining of Duckhead by the end of the year, we can then turn our attention towards rewarding shareholders with a meaningful dividend stream following the 31 December 2014 financial year end. The enhanced flexibility of this Corporate Facility will also allow us to accelerate exploration now that the northern Brazilian wet season is coming to an end."