Now we know why 10q was delayed - ugly
see full 10q .......this is partial. NO grades, LITTLE production, operations scaled back. Trying to get money to continue operations.
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While there is no assurance of this, we believe that the nature of the deposit at the Gold Plateau will lends itself to production of gold with economical concentrations, with an additional level of of investment approximating $1,000,000.
Results of Operations for the three months and nine months ended May 31, 2012.
Mining Exploration and Operating Costs
During the three months and nine months ended May 31, 2012, mining, exploration and operating costs were $698,841 and $1,498,643 respectively, as compared to $386,166 and $960,196 in the comparable periods of the preceding year. This is reflective of our activities following the acquisition of the mining rights to the Gold Standard property as well as activities to advance our progress towards commencing production, including test mining activities. Although we have been able to reduce security costs by $127,576 and subcontracting costs by $46,073 in the nine months ended May 31, 2012 as compared to the comparable period of the preceding year, the current nine month period includes $394,573 in repairs and maintenance costs for our equipment to bring it to operational levels.
In the three months ended May 31, 2012, our test mining produced approximately 14 ounces of gold and for which we received $19,000 in proceeds.