Back of the envelope calculationBack of the envelope 4Q09 calculation, using estimates based upon Sept 09 financials and CGA Jan 2010 presentation. Please note, this projected $.06 EPS is before hedging/warrant costs.
| Gold Ounces Produced | 36,465 | |
| Gold Ounces Sold (est) | 35,000 | |
| Gold Sales | $38,220,000 | |
| Avg POG | | $1,092 |
| Cash Cost | | $483 |
| Margin per Oz | $609 | |
| Gross Margin | $21,315,000 | |
| salaries | -875000 | |
| exploration | -1152000 | |
| borrowing costs | -1170000 | |
| Other Exp | -1700000 | |
| Depreciation | -210000 | |
| Net Income B4 Tax | $16,208,000 | |
| | |
| shares | 269,491,976 | |
| | |
| EPS before hedging costs |
.06 | |