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amarksp

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amarksp

Re: None

Wednesday, 08/10/2005 11:04:46 AM

Wednesday, August 10, 2005 11:04:46 AM

Post# of 330
2Q05 Financials

Terrible...

The real problem is La Libertad. Annualized production of 35K ounces vs. 70K budget. This operation has to be turned around since RNC cannot generate meaningful cash flow and EPS without production at this mine over 60K ounces. La Libertad operations continue to be a disaster.

Bonanza production came in on target albeit at higher cash cost. Bonanza operations appear ok and profitable but this mine contributes only 30K ounces/yr.

Bonanza exploration drill holes a disappointment, results yet to be released. Looks like we can forget about the large bulk tonnage target. Hopefully, RNC proved up some high grade gold so this exploration program not a complete disaster.

RNC has to turn La Libertad around, that is the bottom line.


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