browns update out, page-5

Still no specific explanation of what the problem is - skirted like a pollie.

The implimenting of the mid year credit line now appears to be far more than a coincidence as does the announcement that the spinoffs were not to receive any of the then $80m odd war-chest.

The now forced use of the "Mining Contractors" ahead of production schedule could well result in a further cost blowout as a result of higher stockpiling costs & the building of the tailing ponds ahead of the coming wet season. This is shaping as a disaster waiting to happen if this years wet happens to again be above 'normal' (maybe normal is changing due to climate change?) Building the tailings dam only to be filled with rain water seems rediculous & would lead to a 'hiding to nothing' situation ie if its a big wet season the dam design may be proved to be inadequate even before production begins (environmental &probs before production can start) & even if it's not a big wet there will still be water stored & needing to be released that otherwise would have been just normal runoff.

The cited "late May" (8 months away) now appears to be the best case that we will see revenue from first deliveries.

Very disappointing that management hasn't had the nads to inform shareholders the exact nature of the problem.