RE: RE: RE: Second Qtr ResultsUsing current pricing and assuming mining average grades throughout the project I get revenue closer to 225- 230 million and direct mining costs of 75 million for a gross profit of 150-155 million minus admin expenses taxes etc of course.
Their original production estimate set at the beginning of their fiscal year didn't include the oxide copper reserves at the UMZ nor the larger Au/ Cu reserve base or 2.2million oz of Ag byproduct at El Valle.
One comment on the results here is they were very disappointing and might finally present a buying opportunity before the push higher. The headgrades at Las Tojas were about 30% lower than on the 43-101 reserve report and recoveries dropped 7 percentage points which amounted to the approximate 2000oz production shortfall.