Twillight, I think you are making this to complicated. The main thing you want to look at is cost of production per ounce. I believe right now we are looking at $550 as an estimate but until we run thru a few quarters of solid projections, we will not know the final number, and this number is subject to change over time.

Once you know your cost per ounce, if the company does not have any hedged sales (we do have some, see schedule of gold forward loan), then you can do a rough guesstimate of earnings much easier.

I thought we would have more pop today :-(

Glorieux