When I read the financials I believe they had an $8 million dollar loss in 2010 1st quarter before applying a $5 million dollar rebate from the government for flow through taxes and I believe they have a similar tax credit for this last quarter but for some reason they did not apply it. Can someone clarify this.

They did not claim the rebate this year. (Maybe because they couldn't?) From the release (note nothing under 2011 for the item referencing Note 19):

SAN GOLD CORPORATION                                                                SAN GOLD CORPORATION
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
FOR THE THREE MONTH PERIOD ENDED MARCH 31
                                                        2011         2010
REVENUE                                               $ 19,817,478 $ 13,988,260
OPERATIONS
Operations (Note 16)                                    16,619,833   16,278,889
INCOME (LOSS) FROM OPERATIONS                           3,197,645    (2,290,629)
Exploration                                             5,305,747    2,662,783
General and administrative (Note 17)                    3,170,564    3,247,710
LOSS BEFORE OTHER REVENUE AND EXPENSES                  5,278,666    8,201,122
OTHER REVENUE AND EXPENSES
Finance income - net (Note 18)                          61,533       75,266
Finance costs (Note 18)                                 (118,636)    (35,808)
Equity loss of associate (Note 9)                       -            (128,667)
LOSS BEFORE INCOME TAX                                  5,335,769    8,290,331
Income tax recovery on flow-through shares (Note 19)    -            5,568,350
TOTAL LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD        5,335,769    2,721,981
LOSS PER COMMON SHARE: Basic & diluted (Note 22)      $ 0.02       $ 0.01

SOURCE San Gold Corporation

Copyright (C) 2011 PR Newswire. All rights reserved