$468 per ounce, page-19

Cashflow:
Reicepts are for March only, where most of the expenditure seems to be for "the full qtr. and the full year to date".
Its to do with the "start of production date" and how the accounting treats this.
3 Months production is 17,600 ozs.x say $900 op.profit =
$15.8m. revenue. - still not much more than the $11.3m. ?
I can not make any sense of this.

the following is an extract from the cashflow statement as to how revenues and expenditure are treated for the qtr.

"1. March 2011 is the first month of commercial production and reflects revenue receipts and production payments for March 2011 only."
"2. Information up to 28 February 2011 includes capitalised pre?]production expenditure for the period, and offsetby pre?]production revenue of $13.5m."
"3. Payments for exploration & evaluation and administration are for the three months of the current quarter and the full 9 months to year to date."

Any advice as to we analise all this ??

gk.