Ann: Las Lagunas Production Update-PGI.AX, page-3

While I was initially disappointed that the recovery rate (47.8) was well under the 51.5% they claimed to have achieved in Jan & Feb the outcome is really quite good. The breakdown on recovery rates month by month shows that they have gradually raised both CIL and Flotation results up to and now above forecasts (50.9% in March, Target was 49.8%) but also keep in mind that in March they were feeding ore of very nearly 4 g/t - considerably higher than the average of the remaining ore, 3.6
From a financial point of view I would think they have shown a profit of about US$2.8m for the qtr. The gold price for the June quarter however is looking like it could be up by about $100 to $1200 or so, couple this with a consistent recovery rate of say 50.5% and an extra 2,000t of throughput and PGI could easily show a profit of more like US$3.5m this quarter.