Buried in an announcement with the innocent title "Company...

Buried in an announcement with the innocent title "Company Update" (12 October 2011) is this landmine;

As a result of the discounting of Inferred Resources previously published, the overall resource result is significantly lower at 639,400 oz, down from 4,188,932 oz

With one sentence, 3,500,000 ounces of gold disappeared like Keyser Söze. In bullion form it would be worth $5,775,000,000.

Here is the worst part; this information was compiled as at June 30 2011, so lets say this was known to managment in July 2011.

And yet the June 30 Quarterly, released end of July, makes no mention of such a significant change in resources.

Full Year Accounts - Sept 2011 - no mention

Seven "Market Sensitive" announcements (ex cash flow) since June 30 and no release.

In short, it appears management have been withholding extremely sensitive information for at least two months - and then buried it in a benign announcement.