Ann: Quarterly Activities Report, page-48

JW is now in the porky catagory
Roaster was offline for 6 weeks.
Still only 12k oz produced.....to suggest 30k was possible
Well ...BS to me.22k oz the previous quarter is a better guide.

The thing is with new mines high grade sources
are targeted first...with a new plant they often use
High grade ore with less hard rock while in ramp up.
With existing plant they often blend higher grade with
Lower grade stockpiled ore to get consistent production.
At this stage it appears to me the grades just are not there.

I think it is starting to look like a 30k oz to 35k oz per quarter
is the best case scenario....Really I can live with that.
Just need to keep oxide at about the same. To get 60k to 70k oz a quarter.
If they can get 20k oz out of Ravenswood and 40k oz out of Mako
then at current gold price.... they will have a successful operation.
That will give them 500k oz.PA

My worry is if they are targeting the best grades now then
maybe they will be getting much less in the future.
Unfortunately there will be no answer this quarter.
I probably will have to wait until April to get a real answer.

I still think cash position is much better than expected
and I am still looking for a dip to buy a few shares
This is something I was not considering before the quarterly.


Cheers