Production during the three month period from March 1, 2013 Production during the three month period from March 1, 2013 to May 31, 2013 ("Q4") was 745 ounces gold and 82,704 ounces silver, 26% higher and 1% higher respectively from December 1, 2012 to February 28, 2013 ("Q3") production. Metallurgical recoveries during Q4 vs. Q3 increased due to more tonnages milled, better grades and gold recoveries from the San Francisco Project.
Total tonnes processed in fiscal 2013 were 68,745 as compared to 69,476 in fiscal 2012. The grade of mineralized material was 1.43 g/t gold and 234.726 g/t silver as compared to 1.38 g/t gold and 188.99 g/t silver in fiscal 2012. In fiscal 2013 recoveries were 91.52% for gold and 58.83% for silver as compared to 90.77% for gold and 55.55% for silver in fiscal 2012. In fiscal 2013 the Company produced 2,898 ounces of gold and 305,186 ounces of silver, as compared to 2,807 ounces of gold and 235,746 ounces of silver in fiscal 2012. The gold equivalent production in fiscal 2013 was 8,419 ounces as compared to 7,538 ounces in fiscal 2012. On a year over year comparison the overall gold equivalent production increased by approximately 11%. The increase in production was due to better gold and silver grades and improved recoveries. Over all the increase in production was modest. The ability of the Company to significantly increase production levels is dependent upon the Company completing the capital projects in progress at the mill and successful exploration results to identify additional mineralized material.