10th largest gold producer, page-5

Mr Smith used the phrase "gold producers" in his talk at the Mining Club.

There is no industry-accepted definition of a producer. My definition is one which produces 25,000 oz/year or more, which is about the minimum production necessary for a profitable operation. 909 oz is a start - lets see where they are in June, which is when they plan to be at the full annualised rate according to the last Quarterly.

Hadleigh Castle was an air leg operation - see http://www.ferret.com.au/articles/df/0c0077df.asp

Warrior's widths are wider than planned according to CTO ASX release of 21 March 2007 - 6.4m and 5.7m true width at higher grades than the planned 8 g/t.

Average grade of resource is 14 g/t, which will yield 70,000 oz from the same tonnage that they planned to extract 40,000 at 8 g/t. Mining method is longhole open stoping - see Chris Towsey's presentation on their web site - Reports, Presentations, Underground Mining 2006.

Angle of rest is 30 deg, so majority of ore will run at 45 deg. Spoke to Garry Foord, their GM Engineering - he said stope cleanup is planned by to be by mechanical water jetting from level above. Pumping skid and water filter system has been manufactured and is on site.

If you are going to invest in the mining industry, you have to see the glass as half full, not half empty. If underground gold mining was easy, everyone would be doing it. I give credit where it's due, and what's past, is past. Judge them on their current results and current ability to meet targets. Criticising their failures doesn't help - providing capital to do the job by taking up their Share Purchase Plan will.