La Mancha Resources Inc LACHF

RE: What a run for LMA

[Bobwins]

OT   Another producer that I am buying this week is Oceana.  OGC.to.  Oceana has been producing over 200K oz/yr but has had high operating costs, bad hedges and high average cash costs.  Up until their last report, they had produced a string of losses, even with gold production. Sound familiar?$0$0$0$0Anyway for Q1, they did .05eps, .12 cashflow and cash costs of $279.  They are selling for C$.81.  $0$0$0$0$0Cheaper than LMA.to.  !!$0$0$0$0$0They are guiding for $375 avg cash costs so Q1 may have been a blip but they have been steadily dropping cash costs for several qtrs in a row.  The hedges are unusual. They are in New Zealand $ at 773/oz.  Due to the big drop in the NZ$ vs US$, they are getting a lot less than if they had hedged in US$.  They have about 150,000 oz left, and they will be done in 2010.  That's about 25% of their production for those two years so not bad.  $0$0$0$0$0They have a big copper/gold project in the Philippines on hold due to financing.  They will produce over 300,000 oz in 2009 and slightly less for 2010 and 2011.  They also have found higher grade ore under their open pit.  $0$0$0$0$0They have a good presentation on their website of Q1 earnings that covers everything pretty well.  Let me know what you think.     Bobwins$0$0$0$0$0www.oceanagold.com$0