10c, page-19

I've sold out on the basis that I don't believe they will get anything more than 5k ozs a quarter ever. The appendix 5B makes mention of their expected costs on development for the March quarter as $2mill (less than the $2.7m spent in the Dec quarter). Now how is $2mill on tunnels and and what not going to get them 12,500 ozs this quarter?

Sent the company an email last week regarding the absence of any meaningful data in the quarterly but no reply as yet. I questioned the point of opening City - if it takes them 5 years to get to this stage on Warrior then how long will it take on City? Why not spend the funds ramping up Warrior as was always intended? And if it is too difficult to get anywhere with Warrior whats to say they won't have the same issues with City?

Murphy's law suggests now I've sold a TKO is on the cards. The true believers will therefore get something out of the company, it just won't be gold.