AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

The MD&A report is available on SEDAR. It's 33 pages, quite detailed and covers the last 9 months. Some of the charts from the lastest presentation are included. It states that the CVR permits (Taupo-Rotorua area) were very reluctantly relinquished in Q1,Q2. I remember that the IPO prospectus text (2006) held high hopes for the area. It's so big, every expensive drill has to be in the right place.

A bit of work has occurred at Garibaldi in Otago, drilling in Q1 2013, shallow holes. No extra assay data from WKP, as expected. The finances show a tightening cashflow position, but that has been sorted out with the PPs since.

A mental graph of placer income against time will be one of the most heartening aspects of the report in the short term. There is no rental equipment cost at all, in the placer operation. All costs were expensed, so naturally enough there was a small shortfall over the last quarter. It'll probably be the last one, as September's work made a clear profit, and the gold recovery has jumped up to a stable result near 80oz a week from two GRUs, since. There is a spare GRU on the Drybread site, brought over from the Gunclub permit. The MD&A says it was relocated to find better grade areas. The weather will be a lot better for the next few months too.

http://www.sedar.com/CheckCode.do;js...1D1YxhUokJg:-1

The Southland Times provides a bit more detail about Drybread.