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Re: foxwoodsfan post# 90024

Wednesday, 05/16/2012 2:50:27 PM

Wednesday, May 16, 2012 2:50:27 PM

Post# of 118202
There is no actual number given for the amount of stockpiled ore in the third quarter. The 12,000 yards you quote comes from the following in the 10Q

From October 1st through November 14th the Company has mined and screened 12,750 and 8,000 cubic yards, respectively. The Company currently has approximately a 12,000 cubic yard stockpile of gravel to be screened for gold. The Company believes that it will be able to move operations to a more stable level during November.


The 12,000 yards is as of the date November 14th not the end of the quarter. Don't feel bad, I made the same mistake when I was doing the initial math. It was only when I started doing the actual math and the stockpile numbers weren't adding up that I noticed this. To get the numbers to work you have to work backwards from the 27,600 yards stockpile at the end of the year. By taking the mined numbers and then subtracting the processed numbers it's relatively easy to determine what the stockpiled ore was at the end of the third quarter (5,300 yards).\V/_

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