re: Ann: Appendix 4E 2008 Annual Management ... There does seem...

re: Ann: Appendix 4E 2008 Annual Management ... There does seem to be some light going forward.

The NZ operations appear to have stabilised on the production output as the new mines are brought up to speed.

The problem of input cost escalation due to the mining boom has lessened as the boom ebbs pushing down the mining cost.

The price of gold is now over $NZ1800 and 75% of production costs are $NZ based.

Thus margins are increasing from both the selling price increases and the fall in input costs.


The cash drain on the Didipio project development has almost stopped.

A high risk high reward play but few other operation with this scale of production on the local market.