RE: Quarterly Report due soonI would expect that the results for the quarter ending Oct 31st will come out next Wed.
What to expect for the quarter?
To start, we have base and precious metals that were produced in Q2 but not processed in Q2, including 315 ounces of precious metals. Revenue from these metals should help to add to the bottom line. Also, Q2 was not a full producing quarter, Q3 will be a full producing quarter. The company had $1.6 million in gross revenue in Q2, I would hope they do approx. $2.5 million in Q3.
Bear in mind, copper, of which we produce more of than nickel, has been on an upward track since the end of July. Today it closed over $4 and projection for 2011 are for copper to trade around $4.50 lb. Precious metals are expected to remain strong throughout 2011 and the grades at Shakespeare are expected to be slightly higher than Q2. The company is trying to get production costs below the $38.85/tonne we saw in Q2, hopefully down to $34.95 which is where is was forecast to be in earlier budgets.
Looking forward to next Wed.,hopefully we can get to the point where we can fund all our exploration from the mine and maybe even show a little profit.