via SDMI - EP Zone

"31 December 2002 573,300 t grading 0.39 oz/ton Au. Golden Band Res."

If they have entirely stockpiled the available ore for production from the EP Zone, and there really is this much ore available at this grade, then the company could process this ore @1000tpd with the equipment on hand. The gold price is strong enough now to allow for a 10% margin @1600.

That would be enough to pay for a mill in its entirety with one year of production without financing. The ore was mined and rushed to stockpile, while processing instead the sub-ore grade development material on hand. The ore had already been depreciated in earnings as mine depletion cost in prior quarters. Thus "costs" were already counted as a loss over the period of delivery of EP Zone ore.

The available technical reports, while legal, are a way of obfuscating the tonnage and grade of the glacial till of the EP Zone.

http://www.ir.gov.sk.ca/dbsearch/MinDepositQuery/default.aspx?ID=0425b

-F6