RE:RE:FinancialsThanks for the comments JR, the number of debit instruments that this company carries is both difficult to decipher and is becoming more punitive all the time as the repay periods are extended.
(a) During the year, the Company signed a new agreement under which it has a moratorium
period for repayment of capital of twelve months. The Company will have to pay $4,200,000 on
April 30, 2014 and the interest rate on the provided moratorium is increased to 17%.
One more thing about my earlier comments, MTO did not actually produce 400-4500 during this reporting period. It was 2800, 4300 & 3200 so the baseline is only 3600 oz average.
The next quarter should show approx. 25% improvement in production revenue, even so under 5000 oz will not be cash positive on an operational basis not a balance sheet basis.
As for the comment about $US vs. $CAN for POG you have a valid point, however the financials do not confirm the $950 cash cost per ounce cost-not even close. I do not use unconfirmed retoric as the basis for cost structure thus the difference between Ron's blue sky predicitons and the accountants presentation of futher significant losses with future balloning repayments.
I do not know if the oz reported are dore bars or post refining, regardless there is a cost of refining and one can expect % gold losses due to silver and other impurities which are used to decrease the cash cost per oz. It's another trick of acconting that miners use to improve the look of the books even though the actual cash flow is decreased by these low value impurities. Do your own DD.
Happy Stupid bowl weekend. SeaHawks "A" number one joe!