price expectation, page-43

I wouldn't rule out a dividend just yet, say 4c ($6-7m), delayed perhaps to late in the year with successful transitioning to UG ore production at Casposo.

Loki, the March Qtrly indicated that income tax payments of $12.4m would occur in the June Qtr. There was the $10m outgoing to AZH and $18m capital investment at Casposo (UG mine development & mobile equipment purchases as they move to miner-operator, plus the plant expansion & commissioning).

Open pit mining costs have been high in the past nine months. Later this month however, higher grade ore will be exposed and waste stripping and therefore mining costs are set to fall significantly. At the same time UG tonnages will begin to increase.

Most importantly from my viewpoint is they stitched up the merger with AZH quickly and cleanly and results are already flowing. Note today's statement "start with small scalable plant"... good time to shop and they'll have parts from the Andorinhas plant as well.

BTW, 'nk' put me onto these W.D Gann specialists who are positioning themselves for a major bottom in commodities in the weeks ahead followed by runaway moves (60-yr cycle).
http://www.gannglobal.com/