I called the CFO today to ask about the large financing loss on the issuing of the Inducement Warrants, and he directed a member of the management team to call me. They got back to me from Toronto...as they had just got in from Montreal. (They got back in less then a hour after I had called Vancouver)
The YNG Road Show started in Montreal on Monday, and ended up in Toronto today. There is a new IR person for the Institutional side, Nicole is still handling the general IR calls.
They have been putting on information programs for the investment firms, institutional, and retail brokerage firms, explaining what is happening, and what the first quarter results are all about.
The big hit was from the issuing and re-issuing of the warrants...they are on the books at market price, and the difference is taken in as a immediate loss on the books. That is what the main loss is all about....They are put into the accounts payable file.......a method of accounting...call the CFO if you need to get a deeper response on the accounting issues.
They hope to have the mill running up to speed at 3000 tons a day by the first of July...and depending on the grade of Au ore, the mill could put out between 700 to 800 oz of gold per operating day.
I was told that each quarter from here will be better, and they expect to be in a total profit position,
and out of debt, (pay down the accounts payable) within the next four quarters. The second quarter will not be a full quarter because of the 2 week shutdown of the mill for maintenance and upgrades
The new directors, who have a lot of experience, and management, who are very serious about the directions in which way they want the company (YNG) to go. As a note, there is only one person left over in management, and board of directors, from the when we had the mine and mill shutdown in 2008, and that's the COO Graham Dickson, who is now overseeing the mine and mill at Jerritt Canyon.
Here is a copy of the newest NR
https://www.yukon-nevadagold.com/s/NewsReleases.asp?ReportID=400354&_Type=&_Title=Yukon-Nevada-Gold-Corp.-2010-First-Quarter-Results
If you have any smarts at all, you can see this is a "new" company with a new management team....who want to turn YNG into a profitable mid tier gold producer...it may take a few months...but it will be done..........
Now I know that we will get comments saying Richard's pumping.....I will say...no...not pumping...just informing. All it takes is phone calls, and being nice to the people on the other end of the line ....and you will be surprised what they will tell you. So not all what was said is posted on this board........Richard