Brad, I feel your pain but the fact that we did not sell off and holding right now is very encouraging. Also, I read this post on SH which makes sense.

I stewart....I havent reviewed the release in detail but I imagine the higher costs are due to the lower then expected production numbers caused by the rain. They have a certain amount of fixed costs(admin, maintenance, staff) and a certain amount of variable costs that corolate to the amount they produce (primarily gas and transoportation as variables). If they had produced what they initally forecasted for the quarter I imagien the production costs would have been in line with what they where forecasting.

As some of you eludied too, I think they took advantage of a bad quarter to write down alot of equipment and made it look worse then it was. They already closed the PP...bad results where excected...it can only get so bad. With all the bad write downs off the table they can start to turn the corner on costs/oz....if they can get productino numbers up...similar thing happend to AVR last year...but it was Q1...the results where aweful.....Q2 wasnt much better...but they did some nice things in the books those quarters that made Q3 and Q4 look awesome.

With gold getting higher, these guys should go up, just a matter of time IMO. Monsoon season is over which is another plus.

Glorieux