view closes out remaining hedging, page-12

It is now simply a working capital issue until View is cash flow positive. I am sure this will be sorted out very quickly with some short term loans from bankers or even their major investor. Cash is being chewed up quickly at the moment with open pit stripping and underground work at Carnilya Hill and Bronzwing deposits.

Compare the forward thinking approach of View to Gleneagle (smaller scale operation with similar issues). Gleneagle recently ran out of funds at a critical time and had significant forward commitments for delivery of gold and were experiencing grade problems in their 1m tonnes pa processing plant. Its the classical story that has undone so many small operations and Tim Gooch is aware of all scenarios I am sure.

By securing working capital certainty now and getting rid of the forward commitments is what had to be done and we can relax.

I dont believe management have been deceptive in any way. Getting the plant up to full capacity and operating at optimal levels was only "promised" for the END of the July-Sept Quarter were we are now. Any "investor" in mining stock has to view promises in the context of the risky business it is.

View management and shareholders has still every right to be optomistic that in the next three to six months both projects will start to generate bucket loads of cash.