Correct. That is the main reason for where we are at. Klondyke...

Correct. That is the main reason for where we are at. Klondyke open pit grade. So many contributing factors but this is the main one. Some may say hedging is the biggest issue, but that was an unaviodable finance requirement. IMHO had we had the grade, we would have the expected Oz which would lower the AISC and have left a much higher % exposed to spot.

Dont know whether it was incorrect modelling or underestimated ore dilution from blasting/extracting (or both), but eitherway it was/is substaintially less than 1-1.2g/t that was intially planned. If we had gotten close to those numbers we wouldnt be here. We had to re-jig the whole mine plan because of it.

I used to really see good logic in the hub and spoke model however it is yet to be proven correct. The spokes need to big/strong enough in their totality to support the overall wheel frame (company). Can we manage all these small satellite deposits efficently and with minimal errors along the way. They have good grades, in some cases brilliant grades, but what is the real cost (and risk) of moving from one site to the next. Perhaps building a much bigger more reliable resource before building the plant would have been a better strategy. Admittedlly we got a 200M plant (in todays build cost) for about 120M. Time will tell I suppose. I will contiue to hold but I wont be participating in this raise. If CAI is a sucess it will blow way way past my average, and so a few cents here and there doesnt matter. I have enouigh skin in the game at this point. I might pick up a few of those 17c options though.

Given the whole restucture, it can work moving forward but it needs a few things, not just one thing, to go its way.

In the short term we need March quarterly to confirm the positive pattern of higher daily oz production (announced with CR preso). If they can report in the March .... "the last 3 weeks of the qtr has seen record production levels, and this has continued into April operations" that will start the building of confidence. Then hopefully they can provide some further monthly production updates, all ending with a confirmatory June qtr production of 20K oz.

Fingers crossed it the worst investment strategy, but unfortunately that is the case for this one.