Ann: Quarterly Activities Report, page-7

Totally agree re the 1.5, the highlight is the 43200 T processed 99% utilisation at 20 TPH, we have reasons for the shite grades. IF the better grades 3% are achieved Nov Dec (October is assumed 1.5) we should reach revenue close to 10mil.

The approx 8 mill AISC for last qtr included some significant mining volumes, and full utilisation. Seeming as many of the costs are fixed costs I take this to be close be a typical month/qtr probably worst case??

It all comes down to grades ... will be into the better grades and for how long?

The MC of approx 10mil and to be honest I am uncertain what our debt commitments / convertible notes currently are? could someone remind me.

AISC how much does this very with grades? i.e A 5%grade indicated below shows a QTR cost to be 13 m vs approx 8m last Qtr or 8m ish at a 3% grade.

Interestingly a qtr could look like either of the following (or better), it is not inconceivable we could have a gross margin of 10 mil in a single Qtr? ... equal to the MC????