E, from the notes on Revenue recognition in the statements:

1) "Revenue is recognized when all of the activities to produce gold have been completed by the Company and the risks and rewards of ownership have been transferred.  This occurs when the gold is received by the purchasers at the point of shipping from the mill.  Adjustments to accounts receivable, if any, between the date of title transfer and the settlement date are recorded when determinable"

So, how is "Revenue from Operations" really their cost of production?  I believe that you are mistaken. 

2) "Dore bars and gold in process are recorded in inventory at the lower of average production cost and net realizable value"

I stand corrected!  Can't find this cost in the dox, could use $350 but that's not correct either as per the notes from the AGM.  What's a real number?