LAKE SHORE GOLD CORP 6.25 PCT DEBS T.LSG.DB

RE: Good NR

[clestor]

Good post.  My math is similar. 

In my view, the fact they didn't disclose costs means costs remain high . . . but no surprise.

But, even if they hit their 2012 guidance, the balance sheet is precarious.  If they disappoint on productivity, headgrade, gold price, etc. . . . then the balance sheet runs out of cash sooner than expected.