We had a loss because we wrote done the pyrite inventory by over $1 million. If not for the write down, we would have had a profit. I also imagine we spent a bit of money for the lawyers in order to defend against Golden Tag.

I am impressed that we have been able to increase cash reserves and operate for many quarters now with out a financing. We also have silver and gold prices much higher now than in Q3. I own Endeavour Silver and back when silver was $13 their break even was $22 and they lost money every quarter for years until they got their operation large enough. The shorts did not pounce on them though like they have ECU and they were able to issue shares at a resonable price and grow their operation. Heck, unbelievabley Mag silver lost money in Q3 and their stock is around $9 a share.