Sorry I am a little dense David.When I look at the quarterly...

Sorry I am a little dense David.

When I look at the quarterly cash report I see Q1 for FY 2012. Their financial year runs from January to December.

So on comparing Q1 cash report FY12 to Q1 cash report FY11 i see figures that suggest that exploration will increase at a tremendous rate in the next quarter compared to last year.

And with a ramp up in exploration you would expect admin costs to rise and especially prior to the ramp up in exploration.

Exploration in the first qusrter would be expected to be minimal because of the climate there.

But sorry if I have missed something as this was my first look at these figures.

See table below.

PS The Price-Waterhouse picture appears in each first quarter activities report so there is nothing new here and muddies would have been thin on the ground for the first quarter.

Type	Q/Y	$	Q/Y	$
Exploration	Mar-12	1098k	Mar-11	2086k
Admin	Mar-12	951k	Mar-11	831k
Exploration	Jun-12(e)	7923k	Jun-11(e)	4566k
Admin	Jun-12(e)	920k	Jun-11(e)	462k