Ann: Update on Development of Old Pirate High-Grade Gold Deposit, page-12

While I am all for optimism, I prefer to be a little more conservative.
If their processing goal is 600 tonnes per day (still not sure if that's 24 hours, or simply day shift), with the Wet season possibly stopping ore movement for on average, perhaps 100 days a year, I come up with 159,000tpa. With a grade of say, 10 g/t (again trying to be conservative) and a 95% recovery, I end up with 51290 ounces recovered in the first year.

I will be very happy if they achieve that (although I think many will want a lot more, its a new deposit, old plant and new team = some bumps will be hit in the first year).

I am happy with the company's progress and updates. Nothing over the top. Just telling us the facts. I hope this continues after production starts (I want the good and bad news).

Anyway, let the numbers game begin -