Just reading the Dec 31/12 Financial Statements and Management Discussion and Analysis.

cash cost $855/oz

"total production cost" $1,418/oz .

Note the depletion expense is over $41.0 million Vs $18m in 2011. Not fully understanding why they had such a big increase in depletion expense however Ian did mention the calculation and desire to increase the denominator in recent conference call. You can still phone in and access the conference call.

Also note $16.7m of the exploration drilling was expensed in 2012 along with depreciation and amortization (non cash item) of $7.0m.

Ian also did mention reviewing the 2013 CapX and the drill program. Note in page 12 of the MD&A it states " to date, exploration costs have benn approx $26 per oz of resource discovered".