Ann: Quarterly Activities and Cashflow Report, page-87

Production cost are dropping by $3m in the next quarter from $7.5 to $4.5m. Staff costs are predicted top drop fro $1.8 to 1.5m - forecast cash costs for the next quarter are predicted to be $6.880m as opposed to $9.155m for last quarter (not the $7.5m mentioned previously as that was only production costs) - which to me is a 33% reduction in costs for the quarter

If they produce at the rate of December - 1,700 oz over 2/3 of the month (mining ceased on 20th) , so possibly 2200 oz per month, then that is a prediction of 6,600 oz for the March quarter (43% better than last quarter) at at least $2331 per oz (6% better than average for last quarter of $2,190)

To me a 43% increase in production against a 33% decrease in cash costs would lead to a fairly significant drop in the AISC.

Correct me if I have misread the report