1,770 oz production in March?
``NWM produces 4,761 oz. Au in Q1.2012``
``2,991 oz. of gold produced in the months of January and
February``
4,761 - 2,991 = 1,770 oz
Produced ounces were probably in the 1,200 to 1,300 range in January even though 1,450 ounces were sold if I recalled correctly (you can tell that produced ounces were a bit lower vs sold ounces due to change in inventory ounces end of Dec. vs end of Jan).
It means February ounces were likely in the 1,600 - 1700 range.
It means the average cash cost per oz came in at $1,235 for Jan / Feb with gold production likely averaging in the 1,400 - 1,500 range for the 2 months.
Perhaps (essentially) 1,800 ounces in March and beyond could drop the cash cost to the $1,000 - $1,150 range. I would like to see them get production in the 1,800 to 2,000 ounce range near-term and up to 2,500 (or greater) once the new mine is ready to ramp up mid year or later this year. I think that should enable us to achieve sub $1,000 cash cost per oz.