$6,234,461 Gold-N-Cash in Bankfor the quarterly period ended: February 29, 2008
$2,465,092 (GOLD)
$3,769,461 (CASH)
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$6,234,553 (TOTAL)
FORM 10-QSB,
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=5863217
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GOLD INVENTORY
Balance, February 29, 2008
2,996.74 (TROY OUNCES) $974.30 (SPOT PRICE) $2,465,092 (BALANCE)
At the Nolan Placer Gold Mine, the nature of all deposits encountered to date are small (4,000 to 14,000 bank cubic yards) but high grade in nature.
The Company values its inventory using the spot gold price at the end of the reporting period. Gold dust has brought a sales price equivalent to the spot gold price. Gold nuggets, however, are considered to be gem or jewelry items, which in the industry sell at a higher value than the spot price. They are valued according to weight, purity, character, and relative flatness (wearing quality). Historically, the Company’s gold nuggets have sold above the spot gold price.
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February 29, 2008
CASH AND EQUIVALENTS AT END OF THE PERIOD: $3,769,461
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THE GRIM REAPER