Qtly Report Update, page-65

Lots of interesting views on the Sept Quarterly, thought I'd try a different set of calcs to really muddy the waters;

Assume all gold sold (46,855 ozs @ $US 1315)
Sales = $61,614,325
AISC = $37,343,435
Funds available to be applied to Non ASIC items $24,270,890

A$ translation @fx .76 = $31,935,815

Deduct non ASIC items


Increase in cash and Bullion

Opening balance 1 July $A 30,900,000

Closing balance 30 Sept $A 44,600,00

  $A 13,700,000

Debt repayment $A 670,000

Balance of funds available for non ASIC items A$ 17,565,815

Likely application of remaining funds;

Exploration, Trade Creditors, Admin, Initial Grid upgrade costs?

Note: No real change to the holding value of bullion and cash, as gold sold ($1315 per oz)and valuation of bullion ($1316 per oz) are essentially the same price

I suspect the new chiefs are not willing to include some of the increase in costs due to the appreciation of the Real over the first 6 months of the year but still require payment at some point. Trade and other payables rose significantly by 30 June by about $18m so its likely they stumped up some cash for this item. They are probably saying, as much as the Real has gone up, we won't realize it because it can very easily go down.