Ann: Quarterly Activities Report, page-58

So Oxide production target for the year is 100k ozs. With 36k ozs for the first qtr that leaves an average of less than 22kozs for the remaining qtrs of the year. And the rule applies to Oxide in the same way that it applies to Sulphide, the AISC is greatly influenced by the denominator and the numerator. In this case, however, they are both going in the wrong direction. So my rough calcs estimate sulphide needs to increase by at least 12k ozs for the qtr to off-set this forecast reduction - a 35% reduction in grade is significant.

Mako is also heading the wrong way. The AISC for the qtr was $694 and the target for the year is $800. I imagine this is partly because they have been running the rivets of the operation in order to make up for shortfalls elsewhere - as seems to be their practice - I hope it doesn't lead to the consequences seen at Syama.

I don't think the forecast is as robust as some seem to think it is. Next year will be a real struggle..........And who can forget how excited we were about Nafalo!.......Was it Nafalo??...... Is that the right spelling??..... Was it even this company??.... Damn it ....seems I've forgotten!!......At least we can be excited about something else!!!......How about tax payments?