Ok,Firstly my disclaimer…This is how I interpreted what was said...

Ok,

Firstly my disclaimer…This is how I interpreted what was said and how I wrote notes down…

If you are unsure contact JG yourself and confirm or deny what I have stated if you doubt or need clarification further ok.

As stated previously John delivered today’s presentation and with questions afterwards took approx. 1 hour.
I made notes along the way so if it appears a little jumbled up its primarily because that’s how I wrote them down as he went through the preso page by page.

DFS is on target for late feb 2012. Its still on time and on budget at this stage so all looking good in that area. Actually they should have it all inhouse by late jan with report out by end of Feb.

GRES need to place the order for the ball mill early Feb and they have identified 3 that are suitable.

Plant design throughput is to be about 620K tpa, but will run somewhere between 450-480K tpa with initial output 65-70K oz au increasing over time to 120k oz.
At 300K tpa profit is around $50M
At 500K tpa they can get 70k oz au, 4kt cu and 45k oz ag.

Pit ultimately will be approx. 400mts long by 170mts deep with avg grade of 5gpt and 1% cu. Surface mining for 2 years.
Underground is to have 2 declines, much to JG’s delight. Reason being is that there appears to be rich high grade underground at both ends of the pit design ie north and south. If that does not materialize it will ultimately get back to the one decline.
This was where the 5oz hit was and with grades of 10gpt and 10% cu.

March to May they will move to full production funding. So drawdown of CS hedge.
At some point in the future they may need to raise money. Not sure how much but the intention is for it to be a rights issue underwritten by CS. Personally I think this is the best approach for shareholders and think you should welcome such and opportunity to participate and don’t winge about it later if you never took it up..

Incidentally there will be an announcement out shortly with details on the hedge book which was finalized only last week.

The $800 costs used in the last announcement is total cost not cash cost per ounce, so anything sold over $800 oz and MYG are making money….The hedge allows for over $900 more than that so they’ll be making plenty.
The hedge is a defensive move and once into production they could possibly payout the hedge.
Cash costs are circa $600 oz these figures include credits for copper and silver

JG can see MYG going from market cap of 40 to 300-400M over next 12 months as this moves forward into production and MYG gets it’s gold valued at higher levels as more of the gold is moved into mining reserve, measured and indicated

Also for the naysayers in relation to refractory ore sometime soon there is due an announcement relating to metallurgy and I believe it is better than expected.

Latest resource is back inhouse and 80% written up and they were hoping to have it out now but have been tied up with the fatal flaws review for CS and Snowdens. So don’t panic it’s there and they will have it out asap.

CS will be supporting MYG in the market and will bring in insto support through HP

Drilling will commence in 2 weeks for 15000 mts. DD is likely to be more than 5000mts and probably 7000mts.
Deflector is approx. 3km’s long with 1km drilled.
SG is longer and bigger but likely to be lower grade

Hey may offload the power station at some point if they can convince Western Power to put in a spur line to the mine to bring the cost per KWH from 28c per unit down to 13c. They have offered WP $5M as an incentive to do this and it is being considered.

Tailing dam is good and good for 10 yrs tailing.
Replacing ball mill and crusher, with the floatation circuit a new install

Apologies if it reads a bit jumbled and scattered as no time atm to format it properly and there is more I can add to it perhaps later time permitting.

Thought you'd like to read something before the market opens.

Cheers....