Ann: Quarterly Report June 2012 , page-7

Henty Gold Mine produced 10,692 oz at a cash cost of $1148/oz

Gold sales were $14.8 million during the quarter from the sale of 9263 oz gold at an average price of $1594/oz.
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Cost = $1148/oz

Sales price = $1504/oz.

That's a profit.

I reckon UML has a lot going for it. It is going to burn money by doing exploration activities, but without exploration, it won't be able to produce more, so exploration is a part of the cost of business.

Its growth ambitions have probably surprised the market a bit, buy UML seems to be maturing, so it could be a natural step- UML is not as dramatic as it used to be. In fact, when it used to stuff up constantly, it had a higher share price. It is now at pretty much all-time lows, and any corporate action will be a defining moment- at least in the short-term.

It has said it is looking at companies in WA- anyone know of any small, cheap, profitable producers? If UML is to take over another company, it would be good if the company had the same attributes as UML itself has. There are not many ASX-listed gold companies that are self-sustaining financially.