Gold price, page-13289

As you are well aware the total gold mining cost = AISC + development capital + corporate taxes ( tax expenses).

First point admin cost is included in AISC under general corporate and admin costs.

Interest expense will be offset by previous losses that were made in March quarter this year for example.

MACA was paid $7.6 m after the capital raise.
The total debts as per August announcement were $34m of which $20 to Santander and $14 to MACA

Non- sustaining drilling, I guess we will find out end of the month.

Development capital: the feasibility study confirmed that the cost of plant upgrade will be financed from the internal treasury and positive cash flow and the total cost will be $27.6m and the estimated payback period is 14 months, nearly 2m a month. That was one of the reasons whey BDR refinanced the loan repayments with Santander in a way it is reduced to $2.5 every quarter to allow for the running cost of the plant upgrade which is a growth strategy and will ensure consistent higher production and positive cash flow.

SJ is a professional accountant and he will restructured the accounting report in a way to show the government of Brazil that AISC is not making the company as profitable as cash cost is showing and that is to ease the pressure fir royalties and general taxes.

There is another thing that I am interested in and that is the savings from the grid upgrade and the byproduct credits( iron ore that is produced as part of mining gold).

That is as far as I can explain it and welcome any input.

Cheers,Sydney