As far as mine life, yes, based on reserves it is about 5 years...

As far as mine life, yes, based on reserves it is about 5 years for each of Reefton and Macraes. However, it is not like they need to identify new zones to extend mine life - if you include resource as part of mine life, both operations have a 12 year mine life. Even if you believe resources are about 50% recoverable, that still indicates a 8-9 year mine life. So, doing the necessary in-filling drilling to upgrade resources to reserves is probably on the docket. As far as identifying new zones - always a plus.

A write-down will be a tricky argument with the auditors. Using the undiscounted cash-flow test to determine impairment, Dipidio does not warrant a write-down. It could be difficult for the auditors to argue that a deal not being completed yet warrants a write-down, but I don't have all the details, so I suppose it is possible.

As far as the USD declining against the NZD, it is certainly a possibility, and many are bearish on the USD. However, there is still room to cut for the New Zealand Central Bank and while this allows for some monetary flexibility in comparison to the US, it also means a bearish Kiwi. Also, the local economy in New Zealand will likely not fare much better than the US economy, but of course, the US will be enhancing the US currency supply, so in the end the decline of the US dollar against most currencies is the likely outcome. The impact is offsetting on the revenue front, but on the cost financial reporting, it would be detrimental.

I certainly believe the Directors recognize Dipidio's true worth, and this might go far in explaining why a resolution has not yet occurred. Low ball bids, and hard negotiations are expected considering the credit market and because of OGC's debt issues - OGC needs them more then they need OGC - a bad bargaining position to be sure. However, with the strength in gold, it probably has added more suitors to the mix, and the more competitive it is, the better for OGC.........I hope.