gold production at $90 an ounce!!, page-19

I'll have a stab using conservative price of gold and cash costs..

assuming 140,000oz production for a year as follows and a gold price of US$900:

60,000oz Andorinhas production at US$650/oz cost = $15 million operating margin
60,000oz Casposo production at US$200/oz cost (after conservative silver credits) = $42 million net margin
20,00oz Sandstone production at US$800/oz cost = $2 million net margin

equals approximately US$60 million net from operations which is about AU$72 million at todays exchange rate.. take away some capex depreciation and amortisation, exploration and admin costs and it is still compelling.. factor in a higher gold price (aside from FX movements) and silver price and it is blue sky

factor in a high gold price