The poor Edikanquarterly (20% lower Gold produced @ 15% high...

The poor Edikanquarterly (20% lower Gold produced @ 15% high AISC – at the same time they saidthat they would already be back to previous levels => solved) for suretriggered the drop in SP from 120 down to 90. The same counts for the withdrawalof the guidance. However I think the little statement on page 13 related to the drilling at Zanikan-Cashew Farm (Sissingue) is much more of a concern (“These disappointing results significantly downgrade these prospects, with no further drilling planned at this stage.”).

We all knowabout the rather short Sissingue LOM and had high expectations (several postshere) on the ongoing drilling. This is also clearly stated on page 7 (While theSissingué mine life has been marginally extended, production profile andforecast costs are not materially different to those previously reported.).

Hedging: Ithink banks insisted on these hedges and Management does not have many choices.The positive view on it: They managed to lift the average hedging price fromthe Sept. 18 from 1303 USD to 1393 USD. In the same period average sales pricedeveloped from 1225 USD to 1491 USD and I expect this trend to continue.

Long storyshort: With the recent drop in SP to 90 + significantly more reliablemanagement communication I do feel comfortable and will continue to buy but thatjust my view from the distance of a few thousand kilometers ;-)