confused, page-47

Thanks Z,

I recently read in the media that FML missed their CY2011 production target by 20,000oz, which the MD attributed to the CRE takeover and their need to divert resources to the Laverton project, thereby sacrificing some production in the short-term. Does this explanation make sense... for example could your Mount short-fall explain it (40k oz vs 60k) perhaps because development was delayed?? The bigger issue for me, one of credibility, is did FML downgrade their production forecast mid year or sometime shortly after the CRE announcement. or did the disappointment come as a surprise to the market after the fact?

Rowingboat