Hi Osprey, Please excuse my brevity. What that really means is...

Hi Osprey,

Please excuse my brevity.

What that really means is some people (not the MDL management that I know) that are in privileged positions will live off the family silver (shareholders generosity) until it runs out if they are given the opportunity. I was simply saying that too much cash can make people lazy.

My numbers differ from yours . Help me correct my spread sheet please.

I'm having to rely on the feasibility study numbers from the very beginning. You seem to have more up to date name plate capacities.

What I have for capacity from the feasibility study is:-
55 mt for mining,
575 kt for illuminate
80kt for zircon and
17 kt for rutile .

On the basis of that, fourth qtr ran at:-
82% for mining,
83% for illuminate,
82% for zircon , and
a poor 72% for rutile.

Which confirmed for me that volumes mined was the only problem and management was on the right track concentrating on the mine path .

The 4th q performance supports the feasibility assumptions on grades and if the dredge can spend more time travelling through those consistent grades all will be well with a bit more tweaking to the dredge performance.

The problem with the mine path seems to be too many changes of direction which involve 180 degree turns which waste time and for some reason have an associated pass through lower grade tailings which I don't fully understand.

If the time between turns can be lengthened and the path through low grade tailings eliminated we can get back to all that consistent stuff which we experienced in the 4th Q.

I guess targeting higher grades means, not wasting time going around in circles, and crossing over through low grade tailings.

Not rocket science so shouldn't be a hard fix.