Ann: Quarterly Activities Report December 2011 , page-4

re: Ann: Quarterly Activities Report December... I'm not as impressed guys, but Challenger does looks better than I expected.

If I have this right?

Chatree - 26035 ozs for the quarter , annualised rate 104 K0z.
Wasn't the new plant supposed to deliver in the range 200 K oz ?
I appreciate its still ramping up, but theres a long way to go to get anywhere near 200, 000 oz.
Grade for quarter 0.8 g/t. What happened to the high grade that was imminent , but has now been moved back to June? No explanation for this.

Cash and bullion ; 38 million

Debt- 100 plus 42 plus 35 = $177 million ( if I have this right, I'm no finance wiz ?)

So overall , debt of $139 million .

Challenger very positive reduction in costs via grade increase.Hopefully to continue.

Continued expendiure required on both silver projects and no revenue in sight?

What am I missing , the SP is up strongly, but I stand by all my previous comments re KCN , and don't see much variance? To me, this quarterly is pretty ordinary?

Can someone give me a more positive interpretation ( as i'm thinking of buying)

Maybe this is the reason I'm NOT a millionaire :-)