Ann: Quarterly Activities Report, page-2

I must have gone to a different school from the CAS guys.

They are claiming an unaudited GP of $280K for the quarter from Posse with Recepts of $1.515 mill and Production costs of $1.86 mill (????????). Actual receipts were $2.2 mill but when you take out Sales and State taxes it reduces to the $1.515 I mentioned. Granted, they may have some stockpiles and also waiting on payments of June deliveries but that doesn't change this quarter's cashflow statement.

Still NOTHING on the Fines testing and decision which was meant to be March..........let me see, ah yes......my calendar says tomorrow is August.

Borborema only rates 4 lines, all of which we have read in many previous statements.....almost word for word, actually.

I didn't expect anything positive out of Posse because of the current IO price and sentiment but was hoping they could at least match the previous quarter's Receipts....which they haven't.

Bah humbug.