good post as well. 

This is a key line "A dividend of 10 cents on today's share price of $2.18 comes to over 4.5%, which is not to be sneezed at in a yield-hungry market.".  4.5% is significant....and no matter how much the market does not like gold producers, the yield is what it is. 

The goal of management is to build shareholder value.  nothing more or less.  If the market is not going to reward growth, scale back growth and return profits to shareholders.  I've been in this gold market long enough that i'm tired of the 3-5 yrs projections.

tC