i was sent an e-mail, page-9

without news there's not really much more to add, but its true that dilution, lack of exploration news, and lack of info on the financing/hedging side of things have all taken their toll. How long till it washes out is anyone's guess.

In relation to progress, they've been making various announcements which demonstrate they are moving forward.

The Dec 30th announcement summarises it. Some key points:
* $50m operating profit from 75koz pa production
* will accelerate underground dev at maxwells etc. to ramp up to 140koz pa
* 10 year mine life
* processing plant refurbishment of ball mills and crusher well underway, and construction commencement in January
* Mining contractor appointed
* Mains power line link project underway
* Production commencement targeted for Sept

Nothing particularly exciting but steadily heading in the right direction.

I think the market is underestimating the significance of the low operating costs for a high grade open pit vs underground mining operations, and also the large quantity of mineable resources already identified giving them an enviable mine life, and there's already quite a lot of known resources not included in the current resource base.