June 30, 2007. Inventory produced in the quarter was $467,336. Inventory was written down by $141,528 to reflect the proper cost of gold on hand at the end of the quarter.
During the third quarter of 2007, the Black Rock Canyon mine had throughput of approximately 7,000 yards of gravels in July; 11,000 yards in August; and 10,000 yards in September. The Company, however, is disappointed with the throughput numbers because they were below expectations. The principal operating issue was that the dewatering system did not perform as expected and reduced throughput and caused a temporary cessation of operations.
Despite the operating issues, the mine generated revenues from gold production including some profitable days in August and September.
The Company believes that once the plant operating issues are resolved with respect to the dewatering situation it will be able to profitably run the Black Rock Canyon mine over the long term.
During the quarter, approximately 180 ounces of gold was produced and sold at an average price of approximately $660, and a high of $742 per ounce. Turn-around on sales was performed quickly and revenues were realized within days of gold being produced.
News 
Market Data 
Discover 
AI
