mun record low .... below 2008 gfc panic lows, page-23

Are we being deliberately misled as IMO the Figures just don't add up;

IMO understanding and working out things I come up with they following

As per the quarterly report:

They say that they produced 6,608 oz all up (from Engo & Torr projects) with payments for production as per report = $5,775,000.00 that means production costs are $ 874 per oz not $ 862 as claimed for both combined projects.

This is where it now becomes interesting !!!!

Please Note that this time round that they didn't provide us with production costs for the Torr project.

Now lets work it out this way

Torr Project last Quarterly said costs= $605 /0z thus current production of 1460 oz x $605 = $ 883,000.00

Now, Total production costs as per this Quarter says they paid out $ 5,775,000.00 now lets take away $883,300.00 from the Torr project from that and that leaves us with $4,891,700.00

If we now use $ 4,891,700,.00 divided by 5,148 oz produced at Engo then that would mean that production costs are at the $950.00 level. This would make IMO the Engo Project a non viable recovery gold project and will always be a strugle to make ends meet each quarter.

Who is misleading us.....I hope the ASIC takes a good look at this.