OVERALL PERFORMANCE Highlights for the year ended September 30, 2012 and up to the date of this MD&A are summarized as follows: • Revenue increased by 197% to $31,670,269 in 2012 from $10,651,076 in 2011. • Gold production from the Song Jiagou Gold Project increase by 119% from 8,671 ounces in 2011 to 18,969 ounces in 2012. • Gold sales from the Song Jiagou Gold Project increase by 152% from 7,398 ounces in 2011 to 18,607 ounces in 2012. OUTLOOK • The Company has forecasted an average production for the life of the mine at a rate of 100,000 ounces of gold per year from the Song Jiagou Gold Project based on a Preliminary Assessment prepared by Wardrop Engineering Inc. (a Tetratech Company) and dated February 25, 2011. • To fulfill the Company’s growth strategy, the Company is continually working Deloitte & Touche Financial Advisory Services Limited (“Deloitte”) and other interested parties to identify potential international mining and exploration opportunities. SUMMARY OF QUARTERLY RESULTS The financial results for each of the eight most recently completed quarters are summarized below:
Net revenues $12,358,710 $6,797,853 $5,838,648 $6,675,058 Net loss ($498,220) ($591,676) ($731,207) ($249,678) |