Ann: Operations and Corporate Update , page-13

mj, no, the last qtrly says that the loan amounts used were $18,620,000. That includes the $3m from Magna (you can see it coming in in the cash flow). And in the operations update they repeat that the Magna loan came in in September.

As far as costs go - costs are costs. They probably can't improve much more on these, but for me THE most significant part of the announcement was the recoveries - 20% more silver for the same cost.

Are they now in production, or still in the development phase? There may be some savings if they still have consultants involved in fine tuning the process. The Sept qtr shows them as still in dev. Perhaps for the Dec qtr they could show true production costs separately.

Put it this way, Sept development costs were $13.928m. If the costs are the same for Dec, even at nameplate 200koz/m that equates to $23.21/oz cash costs before admin, interest, loan repayments etc.