Beardy,Hard to tell on this one. I am waiting for some results...

Beardy,

Hard to tell on this one. I am waiting for some results from golden gate. If it proves disappointing, then high likelihood of cap raising, if it proves up good, then no capital raising. I am flying blind at the moment which is concerning.

The production guidance for march qtr is on the low side. Does this mean they don't have faith in golden gate. Or are they being conservative because they got burnt previously and have therefore not factored in golden gate in their march quarterly forecast. I would have liked them to put out some commentaries for June month. That would allay some investor concerns. Might be worthwhile pressing the company on this, but I don't have the time!

Because of the low grades last quarter, they effectively made no profit through mining. Or put another way, the hedge saved them. All the profit was front loaded in half year to June because of the hedge. So unless they lift production above a disappointing 14koz, there is no profit!

Hope this answers your question Beardy.