Yes the quarterly has little info for analysis. I guess the...

Yes the quarterly has little info for analysis. I guess the reason these results are ummm, cloudy/frustrating is that they are the result from only the first two weeks of operation.

Tests from small samples are never accurate, as gold is not evenly spread, so they'll only know what they've got when they finish processing it. Until then they'll pass on the bits of info as they get them (for compliance reasons) without trying to hard to interpret the result.

The reasons I have made this deduction (apart from possible an need for self belief) are:

- plant "shakedown" commenced week two of June
- quartley only covers to the end of June
- and in the first two weeks
20 tonne of hard rock processed
400 tonne of tailings processed
- free gold produced
- concentrate produced (in higher than expected volumes)
- concentrate contains significant gold (up to 13kg per tonne), but there is strong doubt that this figure is accurate across a larger sample (as early days and small sample).
- 3% of concentrate produced is a "tables middling product" containing up to 7,800 g/t.
===> infers the other 97% of the concentrate also contains gold, but they have not yet tested for it.

The recurring theme has been "early days", "need further processing" "we'll know when we finish processing" and "full scale in August" etc etc.

In other words, the reason these cloudy results (which I do find frustrating):-
- is that they are the result of the first two weeks of processing from a plant that took a year to build.
- these guys are going through a cultural change from construction to production - new staff, some new management I see, and some board changes happened and rumoured.
- they were not expecting to have the rich concentrates in the volumes that they have, so could not process them
- they don't know the production until the processing is done ....

We had to show patience during plant construction, and now we'll have to show a bit more during plant "shakedown".

I'm not buying (too exposed and I don't understand the true extent of the current liquidity crisis), but I sure ain't selling at 14 cents either.

At least we are sure that the plant works - not like BDG - where I think they spent $70 million and never turned it on eh?