”I think you are trying to over analyse the announcement……. It...

”I think you are trying to over analyse the announcement……. It is highly likely that only the last month or two has been at this lower level.”

Paul
I would like to think you are correct but the announcement very clearly states: “Grades for the first five months of 2015 have been 25% - 30% below the average Resource grade…..”

I would much prefer it to say “Grades for April and May have been 25% - 30% below average.” But respectfully, it does not. I would be very happy if you would contact them to clarify the issue. In the meantime I am not prepared to assume that they mean something entirely different to what they have written (but I accept it is possible). If you are correct then I suggest the fact that they have written something that does not mean what they want it to is the problem, not me.

Assuming they do mean what they have actually written, I find a little more analysis shows the true picture. I find recoveries for April and May to be at an atrocious 49% or so below the 3.7g/t target, or 1.89g/t – that’s only a couple of cats whiskers more than half of the target.
Looking at the whole June quarter would suggest recovery figures like this:
April -49%, May -49% June -6% averaging somewhere in the vicinity of 34.6% below target for the quarter, or a paltry 2.42g/t.
The above is my opinion and I am happy to stand corrected. If the announcement is correct I feel we are owed more than a cover up (which I understand the need for) – an explanation would now be in order.
As all would appear to be back on track now it is of no great significance to the SP and future recovery rates should hopefully not be effected.