this is an impressive quarterly release to say the least. the...

this is an impressive quarterly release to say the least. the numbers tell all. i will submit a more concrete breakdown sometime on the weekend. but this unquestionably backs up why i consider smo to be the best gold investment on the australian stock exchange right now. past posts may be good prelim reading for those curious.

SMC GOLD LIMITED 2003-01-31 ASX-SIGNAL-G

HOMEX - Brisbane

+++++++++++++++++++++++++
SUMMARY

* December Quarter Profit
December Quarter an unaudited Nett Profit of $302,862

* First Half Year Profit
First Half an unaudited Nett Profit of $571,157

* December Quarter Cost per Ounce produced.
December Quarter Cash Operating Cost @ $AUD 399 per Ounce Produced.

GOLD PRODUCTION

Hadleigh Castle
- December Quarter - mined 24,334 tonnes @ 4.45 g/t gold;
- December - 4,496 tonnes @ 4.36 g/t gold;
- November - 7,242 tonnes @ 5.40 g/t gold; and
- October - 12,596 tonnes @ 3.93 g/t gold.

Far Fanning
- December Quarter - mined 20,442 tonnes @ 6.37 g/t gold;
- December - 4,547 tonnes @ 9.88 g/t gold;
- November - 8,201 tonnes @ 6.53 g/t gold; and
- October - 7,694 tonnes @ 4.12 g/t gold.

MILLING

- 61,661 tonnes @ 5.11 g/t @ 94.1% Recovery yielding 9,530 ounces.
Milled tonnes of SMC ore increased during the period because the
milling of September ore was delayed due to the milling of toll
treatment ore during September.

DECEMBER QUARTER GOLD SALES

Sold 8,207 ounces at an average price of $582 per ounce. SMC is
completely unhedged and benefits directly from a rising gold price.

TOLL TREATMENT

SMC has undertaken a toll treatment of approximately 30,000 tonnes of
ore from the nearby Mt Leyshon Gold Miness which closed down earlier
this year. The first parcel of 14,759 tonnes was milled during the
month of September and the remaining parcel of 14,927 tonnes was
milled during November this year.

The toll revenues (which includes a negotiated profit sharing
element) and costs have mostly been reflected in the financial
accounts for this quarter but have not as yet been completely
finalised.

GOLD MINING OPERATIONS

Production continued at both the company's wholly owned Hadleigh
Castle underground and Far Fanning open cut mines.

The production performance at Hadleigh Castle was 24,334 tonnes @
4.45 g/t. The grade improved but the tonnage mined was adversely
affected by the Christmas break.

During the December Quarter the Far Fanning open cut mine achieved a
total waste movement of 184,448 tonnes. Ore Production was 20,442
tonnes at an average grade of 6.37 g/t (previous 21,399 tonnes at an
average grade of 5.34 g/t).

The Stripping Ratio was 9:1 (previous Quarter was 9.4: 1).

The exceptional grade of ore produced from Far Fanning during the
Quarter of 6.37 g/t was well above the expected "life of mine"
average of 4.59 g/t

The company produced an unaudited profit of $302,862 during the
December Quarter against an unaudited profit of $268,265 for the
previous September Quarter. This result confirms the trend towards
continuous profitability for SMC. The unaudited first half-year
profit is $571,157.

gb