High River Gold Mines Ltd HRIVF

RE: RE: Here it is!!

[peego]

I think it looks pretty good.

- net income of 0.9M with a positive cash flow of $29.7M (with this cashflow, the stock is trading at a very low multiple of cashflow)
- $19.8M in loans repaid during the quarter, cash/cash eq. increased to $25M at the same time.
- long term loads at $175.8M down from $188.1M
- Working capital improved by $12.4M to a negative $29.7M (previously a deficit of $42.1M)
- Operating + non operating costs down 14.6% to $572/oz (prev. $670/oz)
- a good amount of gold was sold even with the downtime of Taparko and Berezitovy (Ounces sold increased by 54% to 77,091 ounces from 49,991 ounces in Q1 of last year)
- Cash costs down across the board in all 4 mines:

Zun-holba - cost down to $467 from $554
Irokinda - cost down to $374 from $471
Taparko - cost down to $386 from $679 (mill operated at only 68% due to the problems)
Berezitovy - cost was $430 (was not in production in Q1 2008. (mill ultilization at 65% due to shtudowns)

So, overall, I think things look decent. Wondering how it will all playout... with POG around the $900 level, if they can maintain gold production levels, things would surely turn around by years end. But then again, the debt load and severstal's intentions are the wildcard here.