Ann: Quarterly Activities Report June 2012 , page-5

while they forward sold and had less tax due to incurred losses etc.

They had a net cash increase of 25 million dollars for the quarter. Thats not 25 million free cash flow before costs, its 25 million dollars extra banked after all exploration, OPEX etc. etc.

Very strong company.

I personally believe that Casposo has only had its surface scratched so far. I think that this deposit was 'hidden' for many years, due to the nature of the rocky surface. I believe TRY dont want to 'ramp' but that this is why TRY are putting a huge amount of their free cash flow into continued drilling on a site that is already producing. They're not just trying to replace reserves they mine, I believe they are looking for a lot more.