maiden reserve 550000oz

And the Jon Price cut-and-paste
The usual under-promise and over-deliver

The ann is a good read (again), and it reminds us of the Oct DFS study:
Average annual gold production 125000 oz
Capital Cost $131 million
Cash operating cost (pre royalties) $840/oz
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Please find below the link to our latest announcement, a maiden Reserve of 559,000 ounces.

The Reserve does not include the latest drilling at Castle Hill and is predominantly highly weathered ore of lower grade close to surface. Grades are increasing with depth so I anticipate growth in both Resources and grade and we update geological models and reoptimise. We have also been very conservative with dilution and wall angles and these have a significant impact on costs.

The study delivers robust economics at $1500/oz gold price and healthy margins.

I see this as just the first step as we complete the large drilling programme and feas study through 2013.

I expect an updated Resource in the March Quarter 2013 and an updated Reserve in the June Quarter 2013.

Can I take this opportunity to wish you all a safe and happy Christmas and a prosperous New Year.

Thanks you for all your support through 2012, 2013 will be a defining year for Phoenix.