Fundraising plans are being reviewed but nothing formal has been approved of yet.
The cash cost per oz sold reported in the third quarter of US$468/oz for the President Steyn operations excludes non cash items such as depreciation and movement in provisions and also excludes non operating cash flows. The inclusion of these items equates to the cost of sales per oz of US$553/oz.
To determine the group’s free cash flow per oz one would have to add all cash costs including non operating costs, general and administrative expenses and capital expenditure (including exploration in the Philippines) to the cash cost per oz and then deduct this from the gold price per oz. Doing this the free cash flow per oz in the third quarter would approximate a shortfall of US117/oz using the average gold price of US439/oz.
The web site is scheduled for an overhaul early in the new year.
Regards
Anton Kakavelakis
Group Financial Controller
-----Original Message-----
From:
Sent: 10 December 2005 03:42 AM
To: info@thistlemining.com
Subject: Shareholder Information Request
Good evening.
I am a shareholder in Thistle Mining, post restructuring, and have been led to believe that there is a new fundraising due to take place at 12p/share. I have seen no formal communication on this and would appreciate it if you could confirm one way or another.
Additionally, with the price of gold now having exceeded $520/oz, I would assume that this is going to have a significant positive impact on profitability. Costs per oz in the Q3 results amounted, net of one off charges, to some $10/oz below this.....again I am informed by other investors that actual costs are iro $460/oz. This would make sense with the hedge at $490, but again I cannot recall having seen this information formally and would appreciate if you could confirm current and projected costs.
Finally, the website is now in need of a significant update. Would it be possible for someone to do this.
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