MD talking mostly about exploration. Interesting that he seems...

MD talking mostly about exploration.

Interesting that he seems to be saying that they are not getting as much tonnes of ore at Coyotte as expected... i quote "the tonnes have been down but each bench pinches and swells and we may well find that we achieve the estimated tonnage as the pit deepens". Or TAM, you may find that you don't achieve the expected tonnes!!!

They say they will produce 25,000 ounces per annum, that sounds like about half of the original expectation?

On costs? They say that when they get to 50,000 ounce rate and are mining the high grade 12g/t gold ore from underground they expect to have operating costs of $A550-600/oz.

No mention of what the costs are now with them treating 3g/t ore at a 25,000 ounce per year rate. Loss making??? So how to fund the underground mine development then??? Debt market is tight and shares trading at 13c. How much cash is on hand?

For me, absolutely nothing to get excited about. Not enough information to give comfort. Need to see the annual report to get more information on the reserve grade.

Only observations, never a recomendation. Always do own research and if ever in doubt seek independent advice.