Hi fitnfam,The OPA announcement made by CRE on 15 June 2009...

Hi fitnfam,

The OPA announcement made by CRE on 15 June 2009 states 1.8mtpa of CRE ore.

Have been through other CRE announcements to see if the OPA was subsequently amended, however nothing found.

Did notice that in announcing the first milling campaign under the OPA (15 October 2009), CRE gives first mention that the campaigns will be each quarter and of a 50 day duration under the guidelines of the OPA (flexible arrangement between the parties).

If you go through CRE announcements regarding how much ore is going to be delivered to the Granny Smith mill in each campaign, the amount seems to vary with what ever way the wind was blowing at the time.

Your figures probably come from the OPA extension announcement made on 15 April 2010 in which CRE stated "Under the OPA, Crescent transports 650,000 tonnes of ore to Barrick for processing in each 50 day cycle, which equates to more than 100,000 ounces of gold per annum".

At the time of this announcement CRE had not delivered 650,000 tonnes of ore to Barrick in any campaign, and to date has only once reach the 650,000 tonne figure (campaign 4, September 2010).

Might be picky, but the 650,000 tonne announcement also reflects an untrue past tense (transports - in context something already having been transported)., plus it left out the key wording of "under the terms of the OPA" (which would have made it a defining statement with no wriggle room).

Think most of us are having trouble determining the figures in the OPA, so will fire off an email to Neil Le Febvre to see if he can provide some definitive figures without divulging commercial in confidence information.

cheers, kentwang