Ann: Operational Update, page-20

AISC $400 sounds reasonable, but as I said it makes only sense if you shut down the mine, at the very end. Then you get the super-low AISC from slowly treated stockpiles with a small team. Currently Troy has lots of bills to pay (as long as so many guys are needed to stay at the camp, although shift from expats to local workforce is ongoing), so it makes no sense to treat 1.7 g/t stockpile ore when you have Hicks ore of higher grade. Mill throughput is the bottleneck once again.

If there is no mill problem as in July mill performance will be much higher meaning the impact is down to 17.5-18k ounces. December will be wet season again with slightly lower production but that is offset by several weeks already of December quarter production with Smarts 3. And that is assuming full-quarter shutdown of the pit. If there are small amounts of higher grade ore in the stockpiles or if Smarts 3 impact is not full quarter there might be higher production still. Also Casposo money (A$2m) will be due in December/January, so there still is the change to get a good quarter financially.

Unfortunately exploration, super easy after the Investec deal, looks to be cash strained again. Hope Troy's LOM plan will consider the fact that such a small problem might have been a major problem if it were not for Smarts 4 still containing ore.