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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge -- Ignore unavailable to you. Want to Upgrade?

To: Al Collard who wrote (10052)	11/9/2002 12:36:32 AM
From: brian krause	Read Replies (1) \| Respond to of 11802

MWA-t please. A bit about it follows. The preparation work at the open pit mine, including moving the overburden and waste material, advanced at a daily rate of 40,878 tons during the quarter, for a total of 3.8 million tons of material moved. The buildings needed to increase the milling capacity have now been completed. The work connected with installing the primary crusher and storage system has reached the final mechanical and electrical installation stage. The carbon in pulp and leaching circuits are also at the final mechanical modification stage. The mill start-up and beginning of the ramp-up period is scheduled for November. The Sigma development plan provides that the mill, whose daily capacity will rise from 3000 to 5000 tons of ore, will start up in the last quarter of the current fiscal. Commercial production will begin in the first quarter of 2003, and peak production will be reached in the second half of 2003. The Sigma-Lamaque Complex mining plan calls for an average production of 150,000 ounces of gold annually over the next six years. Cash operating costs are forecast to average US$165 per ounce while total costs including investments and royalties should average US$212 per ounce. Between 2003 and 2008, the Sigma-Lamaque open pit operation is scheduled to produce 856,000 ounces of gold. The imminent start-up of open pit mining at Sigma-Lamaque and a distinct improvement in the gold market in 2002 leave the Company very confident about the future. The next quarter will be dedicated to the ramp-up of the new production facilities. By 2003, McWatters can count on a having a solid and profitable base of operations that will enable it to actively develop its other projects. At September 30, 2002, McWatters had total assets of $52.2 million, including $33.4 million in the form of fixed assets. Cash amounted to $9.3 million, working capital to $10.4 million, and shareholders' equity to $34.1 million. mcwatters.com