posted on
Aug 17, 2009 09:26PM
Full set of finacials avialble at SEDAR or Stockwatch.com news release link to SEDAR. Make sure you factor following paragragh when reading them!
e quarter is the recovery of 5,502 ounces of gold on which revenue is not recognized. These commissioning ounces are recorded as a reduction to the capitalized value of the Hinge mineral property; this translates to a dollar amount of $5,885,434 – when commercial production is declared on the Hinge, these ounces will be considered production and be recorded as revenue which would have a material impact on the reported performance of the Company.
During the quarter mine production came solely from the Rice Lake mine. The mine uses shrinkage, panel, longhole and mechanized cut and fill mining methods. Currently the operation is dependent on a higher percentage of lower grade development ore than is planned once the operation reaches steady state. The recovered grade of the Rice Lake ore continues to show improvements over last year and over the previous quarter. As the Hinge mine continues its transition from exploration to development and production some Rice Lake employees will be redeployed and some additional personnel will be required to supplement the current workforce.