Ann: Quarterly Cashflow Report, page-23

From talking with the guys recently there is not much more reducing of the AISC they can do by cost cutting. The "new" management already got it down from $1600 to around $1200. Local conditions and costs mean it can go much lower by "savings".

And lets not forget that while gold is $1200US we are still making good money. Smart hedging has helped significantly as well.

The downside is there. And its from the higher grades they are proving up. Start putting a higher head grade through the mill and watch the AISC come down!