Brokers report on company website by Grange Securities dated...

Brokers report on company website by Grange Securities dated 4/2/04 states the following for those interested.

A change in the underground mining method will increase ore production by 22% and reduce cash costs to $220/oz.

An increase to 90k/oz up to 100k/oz in the short to medium term with free cash flow @$25-30m.

Cash margin $300-350/oz.

Annual div in 2005 of 0.5cps.

Aggressive exploration program in place.

NPV $68m with a valuation of 9.2cps.

Plant underutilised by 0.12mtpa.

Broker recommends a Buy on this stock.

I bought another 100k today @ 7.9c