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Gold/Mining/Energy : Precious and Base Metal Investing

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To: Claude Cormier who wrote (26182)	12/31/2003 2:04:23 PM
From: chip	Read Replies (2) of 39344

A friend of mine and I are learning about gold production and are trying to figure out some discrepancies in the latest earnings report and company PR for AGT. In the Website PDF profile they state production projections per oz. of anywhere between $190 to $235/oz depending on the mine starting in 2003 and going through 2009. The latest release shows costs at $260-80/oz. In the disclaimer they state that "Total production costs per ounce include the non-cash components of our operating statement but do not include amounts capitalized for capital expenditures, deferred waste stripping, and exploration costs." It appears that "deferred waste stripping" is the culprit in the discrepancy, and I'm wondering if this is fairly standard or something specific to AGT?

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