Ann: Quarterly Activities Report, page-8

I see mixed messages in the quarterly.
The average gold price received is good and has lifted the cash and equivalents nicely.
Quarterly AISC at $1260/oz is reasonable but the outlook is for this to increase to a mid-point estimate of $1413/oz going forward.
Total production over the quarter is down as a result of decrease at Deflector.
Production outlook is maintained with a small increase in mid-point AISC from earlier estimates.
Statement about continued recommendation from EGA directors to accept the SLR's offer is a joke since the directors allowed themselves to be muzzled in their agreement with SLR. Shareholder resistance continues.