we need new directors

Note that the recent presentation says that “direct cash costs” are $16.60 per ounce of silver for a miniscule leach operation.

Now consider this. North American gold producers used to report cash costs per ounce but are now reporting total costs per ounce (including development, exploration and other costs). The cost base of these producers has consequently doubled to around USD1,200/oz. This type of reporting is a problem with much of the resource sector.

ARD will not make money from its tiny high cost “stage one” production, unless it is taken from shareholders of course. This company needs some real market savvy, something that is sadly lacking with the current board.