re: Ann: 2011 AGM - Chairmans Address and MD ... David,
That is not entirely true.
1. Are you talking about Gold purity/grade?
2. Ore body grade?
3. Refined Grade?
Answer for 1, gold does not form at a constant grade? it can vary every couple of meters, it depends on ground mineralization and formation factors.
Answer for 2, Ore body grading is "inferred" basically, calculated based on drill holes. This is not exact and can be "boosted" if additional drill holes strike higher "grade" gold and are placed into the calculation.
Answer for 3. Refined gold is based on the mills and refinery processes, this can be increased depending on the process. A clear example of this, in a few years companies will be refining the current waste for more gold.
Hope this provides some clarity for you.
Boosting Grade can be done.
Ann: 2011 AGM - Chairmans Address and MD Presenta, page-12
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