Ann: Quarterly Activities Report, page-25

Hi Jonathonc,

Is it the grade that you are referring to? The reserves had been revised down again and again and surely there has to be a bottom?

By now if LJ hadn't figure out the quality of the management/team, I will be very disappointed with his performance. I think he knows the quality of the management/team grade, given the constant downward revision of reserves, production, etc.... However the issue is where can he find the quality management/team given the tightness of the labour market in WA.

I am reluctant to put out more figures but I would appreciate your input and comment on the figures below i.e. the quantity and grade of the coming few quarters. Are they achieveable or not? Thanks.

*Production is calculated based on 92% recovery.

Cheers.