Very impressive to say the least but there isn't much in there we didn't know or suspect already other than cost has been revised downwards from $825 to $800 and forward annual guidance 2 years out has been included.

My question is given the quarter over quarter improvements in pretty much every category other than grade which should be sorted once they get out of the periphery and tap one of those high grade ore bodies, why is 2012 only forecast at 100k ounces given that they need to produce 26,082 ounces in the 4th quarter of 2011 to meet current guidance of 80,000 ounces?

If production in 2012 can't keep pace or surpass production in the last quarter of 2011(which is happening right now), where is the share price gain going to come from considering this has become a production story as there is little emphasis being put on blue sky these days?

At least keep pace with this quarter otherwise your moving backwards with 100k. 4x26,000=104,000 ounces which is less than or equal to current guidance expectations.

Also, considering that milled ore is going to run in the 1800 tpd range for 2012, I find it hard to believe there is only going to be a 25% increase in yoy production given that ore throughput this year is going to fall somewhere in the 475,000 ton range. At 1800 tpd in 2012, that's 657,000 tons.

That's almost a 40% increase in throughput so why are we only getting a 25% increase in ounces or is grade going down? But why would grade go down when you are setting a precedent this quarter that it must go up to meet guidance?