This quarter saw a $1m increase in revenue and $1m drop in costs (excluding refund). Its still a muddy quarter as the JV was in place for the whole quarter. Next quarter we will get to see the full operation. At this stage Saloro is generating the majority of the income and has short term potential to increase as Kevin is working on the recoveries with some success. The strong production numbers in the last few weeks of June sets up a good next quarter.
This should put to rest whether we should have done the Spanish deal or not.
Improved drilling results are providing more confidence regarding the overall deposit. Just got to mine the higher benches (lower grades).
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3
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