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mjkiii

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mjkiii

Re: None

Tuesday, 12/20/2011 9:53:21 AM

Tuesday, December 20, 2011 9:53:21 AM

Post# of 26631
Sorry to be bearer of bad news.

Thought I should get it out to you as soon as I saw it. I have no agenda. Sales are like 25% below expectations and pour I think is actually less than Q1 if you take out the heap leaching so that you compare apples to apples. Conference Call on Friday. It is hard to believe that they did not even sell 16,000 ounces in Q2. As far as I know this is not weather related.

Q1 Rev. 26.3, 18,014 poured.

Q2 Rev. 25.4, 17,820 poured net of Heap Leach.

Q2 Expectations: Rev. 30.0, 24,000 poured with Heap Leach.

Due to LP associated expenses and explorations we may actually have
lost money in Q2. IMO from partial data that I have. Also heavy promotion costs that we did not have before.
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