i want to buy small cap gold stocks, page-23

Actually - oz operations are winding up as I understand it. 2008 was the result of a transition of operations to Brazil.

They currently have a stockpile of ore for a year from an open pit mine which has just finished being mined. This is insurance - currently the cash cost of the gold produced from this ore is quite high - 660 us dollars per ounce - so is still making them a profit at current spot prices.

But they are scheduled to start feeding in the high grade ore from their mamao deposit at projected costs of 300 usd per ounce in early 2009.

Market is currently pricing in a drop in gold below 660 - total failure of the mamao operations - and the non existence of their iron ore deposit, equipment and whatnot...