I think that we will get to where you want us to be with the exchange rate issue, but as of the latest quarterly report this was not the case and we took a small hit for the exchange rate differential.

From the 2008 Q1 Report:

Sales to the CBV were based on the USD spot gold price at the time of delivery; however, payment was received in Bs, with the USD revenues converted to Bs by the CBV at the then official rate of Bs 2,150. In 2006, for USD reporting purposes, the Company converted the Bs back to USD at the same rate of 2,150 and, as a result, the reported realized price per ounce was comparable to the actual average spot gold price for the period. However, with the parallel rate in 2007 materially above the official rate and since the Company is not registered to purchase USD in Venezuela at the official rate, it was determined that for 2007 USD reporting purposes, the Company convert the Bs revenue back to USD using the higher parallel rate. (In practice, the Company does not convert the Bs revenue to USD, rather the Bs are used to fund ongoing operations). As a consequence of receiving Bs at the official rate on gold sales, then converting back to USD at the parallel rate for reporting purposes, the Company’s quarterly 2008 and 2007 reported USD revenue reflects a realized price that is significantly below the average spot price for these periods and below the actual price realized for the respective period. (emphasis added by me)