Ann: Quarterly Activities Report, page-12

Best to listen to the conference call to get a feel why the share price will not move up on this announcement.

Headline figures are good for this quarter do to one off factors, with production falling back to 75k ounces next quarter and that will mean average cost per ounce produced goes back up to expectations. Costs will also rise due to higher strip ratio at Syama oxide operations.

The main positives are that costs associated with Syama underground development and Ravenswood expansion are tracking below budget, and that their cash balance grew despite all of the outlays.

No mention made about progress on bringing grid electricity to Syama to reduce long term costs - looks as if that project is buried in some Mali govt department - I wonder what they want extra.

Judging by the current YTD average AISC, they will be well under the target of AUD1280/ounce for this year. They deliberately set themselves an easy target to achieve - one way for management earning its bonus I suppose.

Given where things sit now, a share price of around $1.20-1.30 looks like a good entry level, assuming the gold price does not crack.

I wish I could understand why they are bringing in what I think will be a high priced CFO - jobs for the boys n girls?

loki