AUREUS MINING INC T.AUE

restart

[NEWLIBERTY]

they have sold 3,500 ounce gold since restart   it is running they have had to stop and restart 
well they get it working properly 
we do not no when they started it up 
and they last 15 million was not in the q2 as it came in injuly 15

[chillyballs]

Any accountants out there... Gold production from New Liberty of 8,274 ounces for the quarter prior to the suspension of gold processing operations; Revenues of US$14.7 million from gold sales of 11,731 ounces; Operating cash costs of US$1,253 per ounce sold prior to the process plant suspension. Including operating costs incurred during the period of process

[theo1264]

cost per oz includes mining operations while milling production suspended which added to costs. commercial cost/oz was $1,034/oz and AISC was $1,153 prior to shut down earlier in the year. Cost reductions from Q1 levels ($1034 and $1,153) should be expected from new mgmt. initiatives rather than from levels reported for Q2. Q2 cost/oz is not a good representation of future profitability/efficiency

[ts9222]

Q1 cost is lower than that because they produced more gold than they sold in Q1 due to timing. The remaining gold was sold one day after the end of Q1. (Q2 sold was higher than produced because of gold from Q1, not the 3500 oz produced in July which goes to Q3). If all the gold produced in Q1 was sold in the same Q1 their AISC would have been much lower. Q1 recovery rates weren't good at 85

[theo1264]

End of Q1 they had 3,633 oz of gold in inventory. End of Q2 they had 149 oz of gold in inventory. 8,274oz produced up to plant shut down and plant did not restart in Q2 at all so they sold gold inventory to get to the 11,731oz sold in Q2. The 3,500 oz of gold poured and sold mentioned in NR therefore relates to Q3 sales.