quarterlies, page-17

re: this years production...billy mmmm. i would not normally think that the exploration costs would normally be included in the cash costs of production. the cash costs of production are simply that - ie the cash costs of production, which of course would include such things as grade control drilling. exploration drilling, should be an expense which is capitalized, and then amortized over future production. capitalized costs need to be recovered - be they for plant and equipment,, or for that matter, exploration drilling, and as such are an inherrent part of the costs of production. it may be pleasant to fool oneself, and concentrate on the CASH cost of production, but that is most foolhardy. eg - cash costs of production would not include interest costs on borrowed money to build a plant - but they are a very real cost

my guess is that most of the exploration costs are excluded from the cash costs - of course i may be wrong

happy punting anyway