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How many of us here actually read the boiler plate at the bottom of each press release?
On May 02, when CGR reported it had filed the technical report on Seabee, "Since 1991, Claude has produced over 973,000 ounces of gold...."
On May 08, when CGR reported the earnings date, "Since 1991, Claude has produced over 982,000 ounces of gold...."
Q1 earnings saw 9474 ounces of gold produced.
On July 31, when CGR reported the earnings date, "Since 1991, Claude has produced over 983,000 ounces of gold...."
CGR did not mess up this time around in regards to the boiler plate and overall ounces produced (ie: Q1 production numbers could have been estimated at 10,000 ounces given the change of 973,000 to 983,000). Despite this, we know they are pouring that 1 millionth ounce on August 08.
1,000,000 minus 983,000 equals 17,000. If divided by 4 months, we arrive at an average of 4250 ounces produced. Hence, Q2 ounces produced can be estimated at 12,750. Actual, and imo, is most likely closer to 11,750.
As I have been pointing out in previous posts, no drilling news to date is most likely the result of curtailing (or delaying) expenditures in an uncertain market. If so, and when coupled with the decline of re-supply expenditures that are Q1 related, CGR looks to be on track to put in Q2 earnings surprise. Meanwhile, two drills were indicated to already be turning in regards to Madsen in the April presentation. Hence, CGR could very well follow up Q2 earnings with drill results out of Madsen.
To close, and the news we really need, is a spike upward in gold. Good news means nothing if buyers are not motivated to come in off the sidelines. In the spirit of the Olympics, I'll end this post with "Let the games begin".
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