finally some good news!!!, page-10

Ramon,

Indeed I haved made a first pass through the presentation ( still hoping for part 2 tomorrow), and starting to feel I understand what is going on a little better. Certainly easier to see the slippage in context, and this years terrible strip ratio.

Seems to me that the company is pretty confident that there will be a substantial underground operation.

Perhaps they have a better grasp on things than many are giving them credit for.

I am still struggling to pin a major mistake on current management, despite numerous temptations no doubt presented to them by the fee mongers. Seems to me the biggest misjudgement was probably the buy back, but if we overpaid in the order of 100 mm on that then not so huge in the scheme of things.

EL