Awsome Newslove the highlights.....up up we go ! GLA
Thecook
-- Commercial operations were deemed to commence on April 1, 2010 following a commissioning period of less than five months; -- The San Francisco Mine averaged a mining rate of 1.7 million tonnes per month during this first quarter of commercial operations and on average 301,765 tonnes of ore were placed on the leach pads (or 10,059 tonnes per day); -- The Company produced and sold 11,299 ounces of gold and 6,696 ounces of silver, realizing gross proceeds of $14.3 million; -- The San Francisco Mine generated net profit before tax of approximately $1.9 million and cash flow from operations of $1.4 million during its first quarter of operations. -- Operating costs, excluding depreciation, at the San Francisco Mine were $13.67(US $13.30) per tonne placed on leach pads or $946 (US $920) per ounce produced and sold, net of by-product credits. These costs are on line to reduce to $520 per ounce by year end and to reach the $420 per ounce life of mine projections. -- For the calendar year, the Company has produced and sold 16,619 ounces of gold and 10,374 ounces of silver, realizing gross revenue of $22.6 million; -- In April, as a result of the first phase of this year's exploration program the Company announced an increase in the resources at the San Francisco Mine of 25%; -- For the three months ended June 30, 2008, the Company reported a net loss of $4.1 million or .03 per share compared to a loss of .8 million or .01 per share for the comparable quarter in 2009; the Company recognized interest expense and a loss on the embedded derivative in connection with the gold loan financing (both of which were non-cash items) of $5.0 million or an amount in excess of the total loss for the quarter; -- The loss on the embedded derivative is measured by the product of the change in the quarter ending gold prices, adjusted for foreign exchange and time value of money considerations; -- For the three months ended June 30, 2010 cash flow from operating activities was $605,010 compared to a use of cash of $324,116 for the three months ended June 30, 2009; and -- The Company reported net income from operations of .9 million for the recently completed quarter.