Putting The "Living" Into Your Living Room Furniture

What kind of room is your living room? Is it that kind of room with all of the fancy furniture and accessories, possibly antiques or family heirlooms, where no one dares to enter, that is meant for "company"? Or is your home's living room the place that might be considered the family room, the place where everyone gathers, family and friends alike, to watch television, play games, entertain, talk, or just relax? Whatever the purpose of the living room is in your home, the living room furniture and accessories is a necessary (and often expensive) component in setting a certain preferred mood or theme, and should be representative of you and your family's personality.

Financial

• Revenue of US$ 78.7 m (versus US$ 59.6 m in 2010) an increase of 132 percent with realised gold price up significantly to US$ 1,347 (versus US$ 1,065 in 2010).


• Contribution Margin of US$ 34.8 m increased 174 percent compared to US$ 12.7 m in 2010.


• After tax profit of US$ 15.9 m (versus US$ 1.4 m in 2010), after exploration write-off before tax of US$ 6.9 m.


• Cash flow from operations increased 230 percent to US$ 29.7 m when compared to US$ 9.0 m in 2010.


• Cash balance at period end of US$ 14.2 m (versus US$ 8.7 m in 2010).

Exploration and development

• Definition of new measured and indicated resource for Sobresaliente of 2,097,000 tonnes at 1.05 g/t for 71,000 ounces. Probable reserves are 652,000 tonnes at 1.11 g/t for 23,300 ounces.


• Definition of a new measured and indicated resource for Crucera of 237,000 tonnes at 4.05 g/t for 31,000 ounces and probable reserves of 148,000 at 4.64 g/t for 22,000 oz. Proven and probable reserves of 6,826,000 tonnes at 1.55 g/t for 339,329 ounces support a mine life of 5 years.


• Initial metallurgical test work at Pantanillo performed – overall recovery for oxide and mixed ores was 68 percent gold recovery with 77 percent recovery for oxide ores.


• 4,500m RC drill programme completed on Anillo with results expected by end September 2011


• Entered into an agreement to acquire 100 percent interest in Talca gold property (“Talca”), with exploration work commenced and 7,500 meter drill programme expected to start in October 2011.

Production and costs

Gold production for the 2011 financial year was 55,817 ounces compared to last year´s production, of 56,050 ounces. This production level is in line with expectations of 55,000 ounces. During the year 1,535,467 tonnes of ore were milled (2010: 1,531,476 tonnes) at an average grade of 1.22 g/t Au (2010: 1.22 g/t) with a recovery of 93.4% (2010: 93.4%).In December 2010 the Board approved the Arenal Deeps Project. This has become the first mechanized underground mine in Uruguay. The initial permitting to commence development was granted by the Uruguayan Mines Department and portal excavation started in March 2011. In the period to May 2011, the ramp advanced 417 meters and reached the first level. Complete permitting for underground production should be granted by September 2011 when development in ore is anticipated to start. Production from stoping is expected to commence in the 2nd quarter of 2012 financial year.Financial PerformanceOperating and Financial SummaryNo living room furniture setting is complete today without the entertainment center. It provides a place to store all of your home entertainment equipment, including the television, stereo, game systems, VCR, DVD player, and speakers. These come in a variety of sizes, colors, and types, and also come in a variety of prices. Again, what you buy depends on your needs and the size of your room.When shopping for living room furniture, you need to determine if you need other types of seating besides a sofa. There are cushiony, comfy chairs and there are more formal occasional chairs. Depending on the activities that take place in your living room, the furniture should accommodate accordingly. There should also be enough seating to accommodate a good number of people, if you have a large family or entertain guests regularly.Orosur ended the year with US$ 14.2 million in cash compared to US$ 8.7 million at the beginning of the financial year. Cash levels were in accordance with expectations and at 31 May 2011 the Company remains debt free. A financing facility of US$ 5.5 million was established with HSBC and will be used during 2012 to purchase mobile equipment for Arenal Deeps. Subsequent to the end of the year the Company raised gross proceeds of US$ 13.5 million through a private placement with new and existing shareholders. The proceeds of this private placement will be used to fund the Company’s investment in Talca and to target further growth. Investment in Arenal deeps, construction of the new tailings facility and exploration will be funded from cash flow from operations during 2012.

When you are furnishing and decorating your living room, there is no need to use a particular theme. As long as the colors and patterns coordinate and follow your family's style, it will be a great room to be in. By accessorizing with pictures, wall hangings, shelving, plants, or other personal touches, your living room will be a comfortable place that your family will enjoy spending time in. Your living room furniture is merely the basis upon which family memories are made.

Author: Mark Woodcock