Damnit Reiner, you beat me to it :-)Some selected quotes from...

Damnit Reiner, you beat me to it :-)

Some selected quotes from report:

"Plentiful visible coarse gold including samples > 1 centimetre in quartz veins.

Furthermore, the mineral system
at Old Pirate continues to surprise us with plentiful gold observed, for the first time outside of the quartz
veins, in a black shale / shear zone at the Golden Hind.

Processed material has revealed gold grains in concentrate from >2mm to as fine as 50 microns (0.05mm)
supporting previous laboratory test work of a high gravity gold recovery (see ASX release dated 05/09/2012).
Further information on head grade, production and recovery will be released after off-site assaying results are
received."

I can't see anything that would indicate a failure. Recovery seems to be good. Assays on tailings will be interesting to compare lab recovery to actual, but if they are getting recoveries down to 50 micron, there should not be a lot left in waste.

Interesting that there is more gold in the immediate area around the quartz. Wonder exactly how much? Could make a significant improvement in reserves if so.

Certainly can't see any reason for selling down unless they either need the money or really want to deliberately supress the SP.