Agree with negative comments on dilution and I was surprised at the financials. Think the need for further development funding was mentioned in the sedar Mar 2nd release. So a wise reader of this report (not me) may have been able to avoid this 20% drop somehow.

From SEDAR

Metanor referred to production starting Oct 1st 08. Can't trace what was produced / sold prior to Oct 1st (related as exploration rather han production)

5062 oz at C$959 / oz (767 USD/oz) for revenue of C$4.2m (which isn't easy to understand)

Operating expenses C$ 3.48m, which is roughly C$687 per oz (US$550 per oz)

hoepfully costs will fall slightly as production increases.

Margin C$120 / oz x 5063oz - C$60,000

The margin over operating costs should be C$ 400 per oz rather than less than C$100 in the last quarter of 08. The start of mining did coincide with a massive fall in so many assets last autumn, gold included, but they survived that and at least the mining is generating a margin over costs four times higher than Q4 08. As well as management quality, gold is the whole reason. Gold's had a big shake out, hopefully it will respond further over coming months and years to global currency debasement. Just glad Metanor got through into 2009 as a going concern.

15 koz at C$300 margin produces C$4.5m.

Which is a lot more useful than C$60k.

Probably wrong, but the tests around Barry seem to show quite good grades.