This plan essentially involves cultural and operational change at the mine to drive down costs and make it a much stronger and sustainable operation. Cash costs have improved significantly reflecting benefits of the changes made to date and further improvement is expected as new initiatives are implemented. the leanest 12 months of its life as we treat the lowest grade material from the central part of the pit. This will change once the higher-grade western end ore can be accessed. The upgraded plant has performed extremely well and this has offset somewhat the effects of the grade decline. The last year has seen a significant transformation in the Company with substantial growth in its gold asset base to a level that will underwrite its future as a large African/Australian gold producer for some time. The transformation started when we managed to profitably dispose of a number of non-core projects and investments earlier in the year. The cash from this, along with that from an equity raising in May, has been directed into the Ravenswood and Syama acquisitions. This has seen our gold reserve base quadruple to over three million ounces. Golden Pride and Ravenswood will produce gold at around 350,000 ounces per annum going forward and the re-development of Syama offers further production growth. We are working hard on a number of fronts to extend the current life of mine plan at Golden Pride. Near mine exploration expenditure has been boosted, already with some success with the discovery of the Eastern Footwall Zone and Golden Pride East resources. We also have recently acquired an interest in several prospects further to the east along the Golden Pride shear at Mwashimba and Matinge and there are a number of prospects there that look extremely promising. With several interesting targets on the Kahama prospects to the west of Golden Pride also, we look forward to the results  of our exploration activities over the next year. Apart from the broader operational improvements we believe we can bring to Ravenswood, there exists considerable exploration upside. The acquisition includes tenure over some 700 square kilometres of the historic Ravenswood goldfield, most of it within 20kms of the plant. We have just started on what will be a sustained gold exploration focus over the area. Resolute took over the Ravenswood operations from Xstrata Queensland on 1 March this year. We have viewed Ravenswood as a turnaround challenge and we are well advanced with the rejuvenation plan for it.  The Syama project in Mali is a development stage gold project that we own 80% of, with the balance being held by the government of Mali. This project was developed in the early nineties and operated until being put on care and maintenance in 2001. It has the potential to be redeveloped as a major mine for the Company. Prior to the acquisition of Syama we completed a pre-feasibility study on its redevelopment that indicated a viable project at current gold prices. The after tax profit of A$31.9 million was a very pleasing result for the  2004 financial year. The operations produced just over 230,000 ounces for the year, with 60,000 ounces coming from Ravenswood in the final four months. We ended the year with a good cash position and a much stronger balance sheet. The Golden Pride mine in Tanzania has been the production mainstay over the last few years. It is moving into probably chief executive’s review 4 RESOLUTE MINING LIMITED 2004 ANNUAL REPORT