"excellent march 2011 quarter for gold one", page-31

Forecast for Q2......seem reasonable ?

IN $US Actual Actual Forecast
Q4 2010 Q1 2011 Q2 2011
Gold Produced 21480 26188 28000
Gold Sales ($M) 29.2 35.4 39.7
Ave Gold Price per Ounce 1370 1384 1450
Gold sales (Ounces) 21,314 25,592 27,363

Pmt to Supp's and Employees($M) -11.8 -13.8 -14.1
Average Cost per Ounce -548 -528 -505
Quoted Cash (cost production) 467 472 455

Operating Cash Flow ($M) 17.4 21.6 25.5

Development and Capex ($M) -9.1 -10.4 -10.0
Cash Flow from Operations ($M) 8.4 11.2 15.5

Exploration ($M) -1.3 -1.7 -1.7
Corporate Overheads ($M) -1.2 -0.7 -1.0
Bond Interest Payments ($M) -1.3 -1.3 -1.3
Debt Facility Tran Costs ($M) -2.2 -0.4 -0.9

Net Cash Flow ($M) 2.4 7.1 10.7
Op Cash in Bank & Gold Rec ($M) 9.2 11.6 18.7
Cl Cash in Bank & Gold Rec ($M) 11.6 18.7 29.4


Notes
1. Gold sold at prevailing spot rate in ZAR
2. Gold sales slightly behind Gold Production (timing of sales)
3. Average Cash cost per ounce has been historically higher than quoted cash cost?assumed calc cost will recude in line with budgeted yearly projections ?also should be less with increase in production.Cash costs to be 10% higher than budget due to strong ZAR vs USD

4. Development and Capex expected to continue
5. Bond interest payments continue
6. Debt factility payments final payment in Q2 of 900K

Tax ? Need to include in quarterly activites