I, page-7

As they disclosed in their last report they have found more high grade ore at Duckhead and drilling is continuing so they should improve both high grade reserves and output. WIthout the rain and processing the high grade ore their COP should fall significantly, perhaps right down to $600 per oz. As for the POG, that is unpredictable but world events looking ahead provide plenty of incentives for safe havens. Perhaps I'm being too optimistic but I think the sp will improve over the next quarter (and i was right about todays bounce).