Ann: Quarterly Activities Report December 2014, page-8

I really like how this was developing but was shocked at the OPEX cost of $2,000 per ounce in current quarterly. Very disappointed and immediately dumped my position, as I was not expecting to see such a massive bleeding in OPEX at this stage. I am now standing on the sideline to see if the market agrees with my negative view.

Aussie OPEX is still very high compared with other countries and will kill off a lot of projects if they do not get costs under control.

Treating these situations as short term trades in the early stages of a major bull market.

Will re-assess in coming weeks as news flow continues.