Argoz, as I stated yesterday the results were entirely expected given the Q3 report but the important new data relates to the plan and forecast results in the Q4 report. I expect the market already anticipated this report so we have just bottomed as a result and the next move should be recovery higher, here is a small part of a note I sent in response to a question earlier today, see below:

AUM has suffered from Golden Management being slow to get things up to speed with delays in 2012 and the recent set-back on gold recoveries. None of this stuff is anything that can't be resolved in the short term and indeed most have been resolved now. The long term future of Golden absolutely requires the completion of the San Mateo ramp which is schedulued for completion in Q3 this year, this will allow the company to ramp up production to any number from 1000 tpd to 2000 tpd (or more of need be) as they deem appropriate or can properly scale-up. This also applied to ECU and was started by Michel but of course stopped due to money constraints.

I see from the 10K/sedar filing that they expect to be have a negative $1 million gross margin from Velardena operations in 2013, this is good news as it means they must be cashflow positive enough by Q3/Q4 to make up for being cashflow negative in Q1/Q2. I would guess this means cashflow positive sometime in late Q2.