Ann: Quarterly Activities Report, page-2

$893 AISC and $685 Cash cost! Awesome.

Management bought more rawhide, positive exploration at guanaco/amancaya, still hoping for more gold at casposo though. Debt continues to be paid down but the interesting thing here is that they are holding nearly 3000 ounces in inventory. The unhedged production allows them to sell only what is needed to cover costs and management can keep that supply off-market and sell at higher prices later.

Exciting times, earnings should be on-track and there is potential for growth here based on the other mine sites.