I recall speaking to Dale after TD had raised their forecast to a new lofty level ($5.20, I believe), he seemed quite pleased with himself. That's just great, give the TD analyst lofty production forecasts and optimistic cost/oz, then do a flow through at a discount to market ($4.05) then state at the AGM no financing, then raise $80+m at $4.00 with a back of the napkin capital wish list. So now the TD analyst looks a little foolish and downgrades (even in light of much high predicted gold price) based on his own production and cost numbers numbers.

Well done Dale, don't you value your credibility cause the numbers just aren't speaking by themselves. Not exactly maximizing shareholder value, which in over 4 years I have never heard him say. Dale's still learning in his $250k CEO role but imagine where the share price could be if ........

San Gold will eventually get good production numbers from the 007,the hinge and the other near surface zones but it continues as a show me story.

Thank god for Hugh putting together the land package and Bill Ferreira for the great exploration results.

Still a great story but with so so leadership.

still long, but frustrated with the share price

Note, thanks for posting

Here is a portion of the four page report published by TDW this morning:

"We believe the substantial increase in budgeted capital expenditures may be indicative of the commencement of an extended period of development at Rice Lake. We see two important implications.

Firstly, given the additional development required, we believe our prior forecasts with respect to the ramp-up of production and decline of cash costs were too aggressive, suggesting that our previously forecast earnings and cash flow were also too aggressive.

Secondly - and we believe this may be more important - investors may begin
to focus on the pace of development and the ramp-up of production, which
has consistently disappointed us, rather than focus on exploration, which has
consistently returned impressive results, in our view."

The report also includes TD's revisions of production estimates:

2010: 63,249oz (previous estimate 79,954oz)
2011: 94,558oz (previous 137,329oz)
2012: 130,223oz (previous 173,995oz)
2013: 187,276oz (previous 179,413oz)

And in case anybody is interested, the report includes revisions of TD's price of gold forecast. Here are their current forecast numbers in USD, as well as their previous forecast:

2010: $1214 (previous $1139)
2011: $1300 (previous $1100)
2012: $1400 (previous $1000)
2013: $1200 (previous $900)
2014: $1000 (previous $900)