finally positive quarterLooks likes they finally got a positive quarter. From MD&A - Sedar https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00004817OVERALL PERFORMANCE IN QUARTERThe main points for the quarter are summarized below. For discussion and analysis of these points refer to the relevant sections laterin this MD & A.1. Profit/LossThe Company recorded its maiden net operating profit for the quarter ended June 30, 2011, which was $713,887 or
.003 percommon share (see selective Financial Information later in this MD&A for more detail), this compares favorably to a loss of$800,989 or
.003 per common share for the same period last year. The Company’s net operating loss for the six months toJune 30, 2011 was $356,371 compared to $1,076,319 for the same period last year. After adjusting for the fair value ofinvestments and securities, the Company’s total comprehensive profit for the quarter was $15,584,663 and for the six months$14,118,003 compared to losses of $1,028,283 and and $127,695 for the quarter and six months respectively for last year. Themajor factor in the fair value adjustment was the change in value of the Company’s shares in PNG Gold Corporation.2. RevenueRevenue from gold and silver sales for the quarter from the Sinivit Mine was $2,589,654, compared to revenue of $1,526,149for the same period in 2010. Revenue for the six months to June 30, 2011 was $5,237,487 compared to revenue from gold andsilver sales for the comparable period in 2010 of $2,975,227. The two major factors in the increase in revenue year-on-yearwere significant increases in gold production and the increase in the realized gold sales price. The Sinivit Mine is discussed indetail later in this MD&A.3. Cash and Marketable SecuritiesThe Company had cash and trade receivables of $3,251,751 at June 30, 2011, plus marketable securities at fair market value of$3,699,526. No value has been included here to those PNG Gold Corporation shares that, although beneficially held, are stillsubject to escrow.4. Sinivit Mine and ExplorationGold production at Sinivit Mine for the quarter was 1,950ozs and for the six months to June 30, 2011 it was 4,112ozs. Highgradegold and associated metals were encountered in drilling at Kavursuki – the best results were 5.25m at 27.15g/t gold, 96g/tsilver, 278ppm bismuth, 1242ppm molybdenum, 756ppm tellurium and 0.56% copper as per a previous news release.