Ann: Quarterly Activities and Cashflow Report, page-59

Hi Holdonman,
Please read my post carefully as i believe there is obviously still many holders that are confused & thus don't see the wood for the trees in this report, & the misinterpretation
could lead to holders into making miscalculations to the downside & possibly selling,
I also believe it to have likely some have also been confused in previous reports.

The 1,730 oz your referring to was in the carbon-in-pulp CIP circuit, since recovered,
it has nothing @ all to do with the gold locked up in the coyote process plant usually
referred to as gold locked up in the process plants circuit.

51,000 t mined from commencement of commissioning until 30th September.
@ average of 10.8gp/t head grade-diluted with low grade commissioning ore.

Gold being extracted from gravity circuit-usually gets > 80% of gold out.
& carbon-in-pulp C.I.P- circuit usually-gets >99% of gold out.
The total combine gold recovery from both gold recovery circuits in the coyote processing plant is confirmed @ 99%.

Up until the end of September 41,000t of material was processed through the Coyote
Processing Plant- A total of 8,281 oz of gold recovered & poured thus far from both circuits.
(1,730 oz was awaiting stripping,recovery & pouring from carbon-in-pulp C.I.P-circuit'
after end of quarter); ref to bottom of page two in report.

The stated 1,730 oz of gold from the carbon-n-pulp strip circuit was recovered just after the end of the quarter & most of it appears in financials, it still came from the 41,000t processed up until the end of the quarter thus being relevant & mentioned in report.

41,000t of material & 10,011 oz- combined gravity & C.I.P gold,
recovered totals =311,342grams =7.6 grams p/t total gold recovered from both gravity & Carbon-in-pulp circuits.

The differential from the 41,000t head grade /plants feed grade of 10.8g p/t,
& the recovered gold 7.6g p/t-(recovered from both the gravity& C.I.P circuits)
is 3.2grams of gold per t, this gold is retained inside of plant saturating residual gold in gravity traps.
3.2g p/t x the 41,000t processed is 131,000grams divided by 31.1=4,218oz of gold that is defined as the gold locked in circuit- right through out plant primarily
in gravity recovery side mill liners ,sumps etc.
GOLD locked up in coyote process plant is approx. 4,218 oz.

Hope I have been able to explain this well enough as many seem to be
confused by what i have read in there response's to the quarterly
report in these threads.
Now understanding the potential increase in gold recovery upside once
coyote's process plants saturation cycles are completed,
i believe it now would be.
imo-salt