ex-yank, page-2

vic,

you're using the post-tax NPV based on lower assumption rates. Put current aud/usd rate + current metal prices in and this will lift your figures.

also add SAG mill of 6.95m already paid for and then;

"The resource estimate used for mine optimisation has not been updated since the 2009 DFS. Exploration activities conducted during 2010 were however very successful and a resource update will be completed in the first half of 2011."

also "recently discovered A39 Deeps area is not included in the Optimisation Study"

"Similarly the high-grade gold discovery at V2 East has not been included in the Optimisation Study."

those are my findings after a 5 minute skim of the ann. i'm sure a more detailed analysis will prove up more.

and lastly, 1.1m shares traded is hardly a sell-off. in fact, i'd say it's ppl running scared thinking cqt is going to tank. and they're wrong.