Ann: Quarterly Activities Report, page-29

W

Some time ago I commented that it seemed to me the finished goods was bullion, and they were double counting it under GIC and in the cash/bullion parts of the Q3 report - clearly trying to improve the look of that report. They have fixed that stupidity in the Q4 report.

I do agree with you also that Ravenswood will take years to provide a positive return (after you factor in the upfront cost of capital) and I did notice that they omitted the chart of Syama underground mine development progress from the Q4 report. Given the state of their sulphide stockpiles we are all concerned about the timing for accessing underground ore at the rate of milling capacity.

If the gold price heads under USD1200 the goldies may waterfall down, including RSG so wearing some protection is important.

loki (oh - this may be good for you but its gunna hurt, perhaps)