Ann: Wonawinta November Update , page-8

The communication is certainly welcome.

Looks like the ball mill is a key peice of machinery to achieve full 2.4 mill oz production. If 30% of the material can't be processed I'm surmissing this means maximum production can only ever achieve a 1.868 million oz per annum rate until the ball mill is installed.

Even the 1.868 million oz rate is reliant on a grade of 97 g/t, we are achieving 80 g/t. So basically we are limited to a production rate of between 50-70% of full capacity until the ball mill is installed unless higher grades start going through.

Is this a reasonable assessment?