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Message: conference call

conference call

posted on Aug 07, 2009 06:16PM

most of the information in the conference call was already referenced in the reporting of the second quarter financials. to elaborate on the new guidance of only 3 million ounces of production in 2009, the problems were weather-related, and due to ramp-up difficulties.

there was a problem with the ball mill, and they had to had to wait for the vendor to arrive from germany to supervise the repairs in order to preserve their warranty. the weather was unseasonably cold, which hampered the ramp up, but this will not be a recurring problem each winter. the plant is now running continuously, and they are working on optimizing the process.

they are working on low grade tailings to start, so as not to ruin any high grade material while they get the problems worked out, so we can expect higher costs and lower production to start. they will begin producing tin concentrate in the fourth quarter.

at snowfield, the dispostion of the six drills is as follows: four drills are working on moving the resource from inferred to higher categories, and the other two are operating on new zones to the south to find more resources.

the abcp (a big crap pile) notes were replaced with new notes that are still being carried at $21 million while they wait for a market to develop.

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