Ann: Quarterly Activities Report , page-29

Sushi,
I agree a good report overall and as far as I am concerned the company is going along nicely. I would have liked something earth shattering but I guess I will have to wait a little longer.

The running cost for the qtr were always going to be high. FML had all of January putting low grade through getting the plant operating correctly, so might as well say you have lost a least 25% production for the qtr in January. Ramping up in February you lost 15% and another lets say 5% may have lost fine tuning in March. Of course I do not know the exact numbers but I don't beleive they would be far from that.

Now we enter the June qtr I would expect some fine tuning to continue and maybe a plant shutdown for maintenece maybe.

Unless something happens out of the box (Which it could well do)I think they will cream 80,000 oz and I would be expecting they get in the region of 100,000 oz plus for a full year, the end of this year including ramp up which would be fantastic. Let's wait and see, only time will tell.

Reserve upgrades and production are the key to SP increasing in value and we will see plenty of that this year I suspect. Gold increasing in value will put dollars in banks to be spent wisely prooving up and later a buyback, or maybe a new mill. Who knows it sure will be interesting over the next 9 months.

Still a bargin in my book.

Good luck to all holders.