2011/12 If management's production expectations are fulfilled, the price of gold holds above $1600,silver above $30 and copper (largely hedged) at $3.2/lb, then we're on a PER of 2.1 instead of 4.9 for my last posting. A Christmas present for you is that company has 500k tonnes of 2% copper ore on its books at no cost. What they will do with this advantage I don't know; one could sell the recoverable metal at a discount for cash,charging the toll for extracting and refining(Evo Morales might be interested), or perhaps recognise the value directly in the balance sheet.In wishing any reader a very happy Christmas, I encourage you with the old hymn:-"Through the night of dark and sorrow, onward goes the pilgrim band Singing songs of expectation, marching to the promised land" (Copperwood)