Ann: Quarterly Activities Report, page-117

The price of gold is high especially in Aussie dollar terms ,this is related to gold price going up in US dollar terms as well as significant weakness in the Aussie dollar which is down in the range of 65 us cents .This should cause a revaluation upwards of Australian companies whose assets are priced in terms of US dollars .Perhaps I am stupid but I cannot understand the logic of not completing Radio Hill until they have 3 years of resources .Why spend a boatload of money fixing it up and then just putting it on hold at 80%completion .It seems to me if they even have 1 years resources to put through it at a profit ,better to complete ,start putting material through ,generate cash flow and use that money to increase reserves . Perhaps someone can enlighten me on the logic .Once the plant is operational that would also increase the likelihood of third party tolling agreements and under the worst case scenario would be a valuable asset to sell.An upgraded and operational Radio Hill would presumably to be worth close to or more than the total worth of the company .