Ann: Quarterly Activities and Cashflow Report , page-17

What I find unsettling....is a very high cash cost....during a time of economic turmoil. I'm expecting copper under $3/lb and that to last many months, if not a year or two. Given HGO looks like, under current circumstances, it will struggle to achieve under $2/lb....There isn't a huge margin left for BH and Sumba exploration and early development. A CR at this price would kill HGO's SP and settle it in the 15-30¢ range for a very long time....Not a good prognosis....The only thing that would save it is some spectacular drilling results....at BH or Sumba.