Results of operations During the nine months ended February 29, 2012 (the "2012 period") the Company reported a comprehensive income of $1,543,212 (
.01 per share) compared to a comprehensive loss of $533,087 (
.00 per share) for the nine months ended February 28, 2011 (the "2011 period"), an increase in income of $2,076,299. The increase in income was due to improved recoveries and grades of gold and silver processed, higher prices for gold and silver and a decrease in general and administrative expenses as the Company closed a branch office in Mexico during the 2012 period.
During the 2012 period the Company recognized net revenue of $8,299,740 (2011 - $6,783,066) from the sale of 5,334 ounces (2011 - 5,363 ounces) of gold equivalent, for an average of $1,556 (2011 - $1,265) net revenue per ounce (net of royalty and treatment charges)