Good morning ladies and gentlemen and welcome to the Comstock Mining announces Second Quarter Results Conference Call. At this time all participants are in a listen-only mode. Following the presentation we will conduct a question-and-answer session. (Operator Instructions) As a reminder this conference is being recorded today August 8, 2013. It is now my pleasure to introduce your host Mr. Corrado De Gasperis. Please go ahead.

Thank you, (Kaylen) and good morning everyone. It is Corrado here, President and CEO of Comstock Mining and welcome to our 2013 second quarter call and mid year update. I’ll provide a summary and some color of the information included in our press release this morning and it’s also included in our current Form 10-Q which we will file timely later today. If you don’t have a copy of today’s release, you’ll find a copy on our website at www.comstockmining.com under News/Press Releases. Please also let me remind you that I may make some forward-looking statements on this call. Any statement relating to matters that are not historical facts may constitute forward-looking statements. The statements are based on current expectations and those statements are subject to the same risks and uncertainties that are detailed in the reports filed by us with the SEC. The risks are also identified in this morning’s release and all forward-looking statements made during this call are subject to those same risks and other risks that we can’t identify. Our prepared remarks will focus on production and mine development, since most of the first six months of this year have been fully dedicated to the initial ramp-up of production. We really made lead this quarter on building and operating a much bigger machine but I’d also like to highlight some keen developments and geology especially in the previously announced higher-grade Chute Zone Discovery where concepts for extending mining into the East side of Lucerne are starting to take shape. Then we can turn back to Kaolin for Q&A. Just briefly though let me review some of the overall highlights for the quarter including corporate. Metal sales in the second quarter totaled $7.7 million with gold revenues of $6.8 million. Gold shipments were just under 5,000 an…

(Operator Instructions) And we’ll take our first question from James Dale (Private Investor).

Hi, James. How are you? (Technical Difficulty), do we lose James?

Mr. Dale, your line is open. Please check your mute button.

Hello.

Hi, James. How are you?

Thanks. Sorry, I dropped the call there. Well done sir, keep it going, don’t let it stop. No questions this time. I thought I’ll check here.

Thanks James. Thanks. Appreciate it.

All right, keep going. Bye.

Have a great day.

And we’ll take our next question from Carl Frankson (Private Investor).

Hi, Corrado

Hi, Carl, how are you?

Great, great. I'm asking as the mining dummy I'm going to ask you probably to repeat your - what you have said before because it kind of went over my head.

Sure.

I thought the most interesting thing that you said with how we’re decreasing the cost of extracting gold from whatever it was like 400 to like 700 or something.

Right.

Which is obviously and incredibly positive. Could you just please give the reader’s guide just version again of how you go about doing that?

Yeah. So, frankly we really have timing that – if I think back in the last six months nothing about what we were doing was steady state of operations I mean we were aggressively and I would – I’ll be honest with you in some regards in November, December, January and even leading up to February when we finally got resolution with the BLM reactionarily, that’s on my shoulders because I really feel like we were behind the April around Thanks Giving, it was kind of like after the honeymoon of the first four reality funk in and it wasn’t for some of the new people that we brought in including Dayton as – I don’t know that we would have reacted anywhere nearest that as we did. What you see in the first quarter in a lot of the second quarter was not just operating and ramping up but I have to throw into that bucket all the inefficiencies that go along with that, you’re not steady-state, you’re catching up on maintenance, you’re rescheduling me and so we’re the scheduling the mine, you’re synchronizing the mine with crushing. You’re just starting to understand the yields on the Heap Leach pad, you’re realizing that sustaining the fluid flow in the Merrill-Crowe wasn’t designed exactly the way you wanted to, that’s the bad news. The good news is that we were addressing it all real-time every day. So that led to the first quarter with a lot of let’s say suboptimal activity and low production with a cost that was $1600 $1700 an ounce, not really meaningful as a snapshot just a progression point. In the second quarter, the biggest big though in my opinion was getting the production up to and exceeding the 400 ounces per week. That number is…

Good. I appreciate it. Thanks Corrado.

If you take all of those variables and you translate it into streamline system, true reduce cost of operation, increased production capacity in terms of tons and improve grades you will see a below $800 announced performance. And again 40,000 is not end state it’s almost on start state which I think is the – in the grand scheme it will take about a year to get there but that’s our real starting point of stability where we feel protected from price volatility in the market. We feel protected from liquidity things I mean we really position the company then to do some great things, that’s what we’re trying to accomplish.

Sounds, great. Thank you, Corrado.

Thank you, Carl.

And we’ll take our next question from Mike Niehuser with Beacon Rock Research.

We’ll I'm in fact waiting.

How are you?

Very good. I want to ask my first question which will just make you repeat what you just shared but I got to tell you from (Technical Difficulty) of the accomplishments with the kind of a contrary instances of increasing production, reducing cost in a start-up situation. And reducing staff and moving ahead it’s somewhat contradictory but I know it’s my luck and I hope to talk about that later offline. But the question I have is with these remaining credit line that you have in cash on hand you will see any working capital issues in the next quarters. So, given the current price environments and get your mine plan and that’s pretty much my only question but I did want to congratulate you, it’s a really quite an amazing year for you.

Thanks, Mike. I appreciate it. I will say that we have no concerns in terms of liquidity. I think that the cash-in, cash-out has stabilized itself in a way that it removes drama from our heart with our quest and our existing capital structure. So, no debt for borrowed money on the balance sheet and so a little bit of a equipment financing reflecting of our debt. We couldn’t be in this more flexible position. We pay attention to it daily, weekly but no we don’t have concerns about it and we’re making improvements even as we go with working capital, we had an idea yesterday $50,000 $60,0000 of investment will yield potentially $1.5, $2 million more revenue. I think that generate cash for us and like.

Well, on a softer side can I get you to comment a little bit about the local community sentiments and political here in Nevada. I know that you did a lot of work isn’t leading up to ahead of the mine opening on and but it sounds like things have continued to improve and that’s my last question and that our relations?

I appreciate it very well, it’s the best part of the story in terms of the maturity of our achievement I think that I had a nice casual update last week it was Senator I'm meeting Mark Amodei on Monday as he goes to his a post-Congressional session from Washington tour of Nevada I think he is up in Elko right now he’ll be on the Comstock on Monday. I think those are great things to point out from a federal perspective but the more substantive point is how engaged we are with the local community the local county commissioners not just Storey County which has been overwhelmingly diligent, responsible and supportive but also a Lyon County who really is eager for responsible economic development so out of those things are going better and better everyday I’ve not ever felt better about them I think what’s most encouraging is that it’s not me right I mean just Wednesday night about 15 or 20 of our people participated at Miner’s Park and of the community event and the center, payable was high. So rather than being sort of the orphan child in the corner afraid to join the party we’ll stood at in the center on this now and it’s emotionally that’s the biggest change that we’ve had in the last year going from may be a little anxiety and a little defensiveness to be very positively engaged here in the community, so I appreciate that point. I would like to add that to your point about us being different. It isn’t luck because you might be shocked to hear this but there were debates in January, February file do we ramp down, do we slow down, what’s happening in the market. And I frankly it was the conviction of knowing where we would end up that’s said, no let’s go faster. If we end up here okay, then it doesn’t matter where the gold prices, we’re going to be profitable. So we’re not there yet, we’re half way there right in terms of 2013’s objective, but we did make different decisions I think and it’s just execution and our execution in the last five or six months in the ground has been good but it’s getting better and it could keep getting better and that’s why we’re here for.

And we’ll take our next question from John LaSarge with (Technical Difficulty).

Hello?

Hi, John how are you?

Good morning to you guys. Good job with the progress just question for you. Where do you see your company in say two years from now, what will be the, what’s best expectations for you guys?

Could that in two years we will have an expanded Lucerne mining operation I could easily see producing between 50,000 ounces and 70,000 ounces from Lucerne and I could absolutely see day-in being on mine and replicating that kind of performance we, we’re seeing some opportunities because of stress test that we put on the system and because of the positive result that may be day-in and Lucerne can have central process bank because the existing pressure has cause such good performance and capacity because we have a land position that could accommodate and that’s an accelerator to what we thought previously. And I would – that we would have really been able to foresee the district-wide plan, we’ve been able to develop the district-wide plan and we’d be able to submit a plan of operation which we’re, we see -- quite foresee now but we’re starting to see the possibility up that will allow us to submit for federal permitting. And then that takes us from doing a 100,000 ounces between two mines doing more than that and more efficiently and more optimally thing is that I’d love to and we don’t have the specific plan for this it looked to be briefing underground mining by that point in time. So, a lot of tremendous opportunity that is frankly all above and beyond any of the numbers that we’ve talked about here over the next 18 months to 24 months.

Thank you.

Thank you, sir.

And we’ll take our next question from Richard Desjardins (UBS).

Corrado, congratulations I think good management seems to begin to show. What are your plans for this Chute Zone, when do you think that might occur?

Let me just talk out loud I'm not sure if I can answer the timing question, but I can tell you what we’d love to see. There is, this thing fits about 5 to 700 feet below where we’re mining right now. It’s fits about a 1100 feet below the very top of the surface of the area where it’s located. So we walk through three options, do we keep drilling from 1100 feet which has been as an side highly successful today in discovering the zone. Do we drop a shaft from an area where we have some geologic information but not a lock in between there in the Chute by day-in. and our view of that is that there is tremendous mineralization structurally we have intelligence in that regard between point a and point b and so in other words, instead of spending x number of dollars to drill you could spend that or less to actually access the ore and learn as much or more in between, and then, your position to explore from there rather than from afar. I hope that’s clear. And then third, rather than going from a spot where you’ll learn a lot in between point a and point b, what if you go from a spot as an example the existing Lucerne mine and you drop down to the e size of and where the Chute is and you’re going through a lot of known ore between point a and point b. so, you’re actually mining it while still learning at the same time, we’re still developing at the same time while still excess in the Chute at the same time. So, all these, all those three are possible we haven’t engineered or validated we haven’t cost it and we haven’t scheduled the project. So, but we see that now and that will be part of our district plan without a question. One, one very interesting point is, thinking of the third or any of the three frankly but, that third one we could do with existing permitting, existing you know that removes a tremendous obstacle in terms of accessing the ore which is very exciting to us. And frankly already even though we haven’t quantified it or specified it extends the existing lives of the initial line.

You showed one internal like 4,000 feet long what would be the capital expenditure to do something into that nature?

It depends, on the structure and the, you could be talking in the ranges of the various shares or development that we looked at you could be talking anywhere initially from $5 million to $10 million, if you’re talking about 4 to 10,000 kind of feet of development but again I would emphasize that, that’s in the loophole of drilling right and that’s in many cases bringing ore out from what you’re doing. So, it’s pretty attractive.

Thank you.

Thank you, sir.

And we’ll take our next question from Jack Albright (Private Investor).

Good morning Corrado.

Hi Jack, how are you? Let me apologize in advance for not returned to your call last week I will guess I will love to talk to you offline to well thanks for calling in here.

Well, I wanted to talk to that about really but further to talk offline if you promise you’ll call me I won’t talk about this subject.

I will absolutely. I just a little crazy last week and I got your message and I have it down here, but I just didn’t get a chance to get back to you, my fault.

Okay and now you totally screw up my whole conversation today so. Let me ask a question about the Chute.

Sure.

You say that it’s 700 feet below the mine you’re talking about further which ever where east or west?

Yeah it’s east, it’s on, the Chute in and itself and if you can see the three dimensional picture in that, in the press release the Chute itself is a 150 feet by 450 feet down dipping east right. So, if we’re literally sitting at the, double geared level of Lucerne, you’re talking anywhere from 450 to 650 feet below that point. So, it’s not that deep, I was commenting that if you’re sitting on the top or down at itself your grow holes could be a 1100, 1200 feet.

Again that was totally confusing me. So, underground if you’re standing on top of the Chute, how far the ground is then?

Okay. so, it depends on where you’re accessing it from is what I meant. So, if we’re accessing it from the existing mine right vertically down it’s about let’s say 600 feet okay, so not too deep. You wouldn’t access it vertically right you would access it sort of an horizontally dipping trajectory and so as the pro forma gentlemen was pointing out I mean, the engineering to get down there could be 4,000 to 8,000 feet. Not going straight down, straight down you’re talking 600, but going towards that on let’s say a 15 degree decline right, you’re talking about 4 to 8,000 feet and those link are not necessarily minimum there sort of optimal pads like what pads would we want to take to get there based on what we could learn geologically or what we could mine from gold and silver perspective. So, there is a lot of options I guess is what I'm saying, there is no one, yeah there is one answer.

I understand. Okay, now you assume 100 feet to about 400 feet, how deep you’re there at the Chute Zone?

So, it’s, I would say it ranges from the road level again to a depth somewhere between 450 and 600 feet.

No I meant, once you get to the drop down in the Chute Zone, the zone itself.

Yeah.

You said about 100 feet about 450 feet one.

Yeah, well that’s only, what we have validated there is a huge potential beyond that because we if you, can look closely on that picture and you might need a magnifying glass quite frankly you see that our drill holes are just sort of tipping to the top and the center of the zone, we haven’t gone anywhere near knowing what’s all around it in other words, the resource is potentially open all sides and to depth. So I don’t know how big it could be, it could be significantly bigger.

So, okay. So…

We just don’t know enough.

This pitch….

How far we have to do or how long, but obviously once you’re there your hope it goes forever.

That’s gorgeous well now I want to go and join with them. Okay, the gland that the pitching I call the gland and I'm sure this thing now you have at Tennessee dip down, now do you get to the pitch I mean, (inaudible) x-ray or something…

So what happens is we, the number one evidence is our drill holes, we have a well over a dozen drill holes into the zone and many, many more around it in the structure and so what happens is when you have measured or indicated or inferred estimates of the gold based on your drilling you then extrapolate some of those probabilities based on the structure. And we’ve had two different firms externally validate our estimate of what we know right, so there is no technology that would allow you to stand at it’s really you have to cut shape, assess the structure, assess the controls and then using various geological prep to practices you estimate the magnitude of it and those estimates tend to be conservative based on the data that you do know and the structure that you do know and even, at the end of the day when we’re mining there is still some variation in those estimates but it tends to be much less at that point.

Now it sound good and just like excited about it. Okay, I see gold price climbing that we’ve been talking so that a good sign.

Yeah, yeah.

Okay climbing next not this, not today, but next week if you can.

I will look forward to talking to you Jack, thank you.

Okay and thanks (inaudible) well send me that pictures.

Yeah she is there yeah I’ll tell her, thank you.

Okay, thank you, have a great day, good bye.

And we’ll take our next question from Robert Shecker (Private Investor).

Hello?

Hi, Robert, how are you?

I'm fine, thank you. I just had a question on the permitting, everything you’re doing so far is on private land and is there, do you have to get like two permits one from the state and one from those federal government and you’re moving on to the BLM properties?

Sort of. So, we have to get one permit from the county, we have to get essentially one permit from the federal government there are literally dozens of permits that you get from the state, the state is the primary regulator so today we have county permit to produce and to explore we have all of our permits from the state produce and to explore and we have a couple of minor permission from the federal government mainly for right-of-ways and for exploration but we don’t have a permit to mine federal end and there is a tremendous amount of work that we have to do before the plan that would go towards the land permit is foreseeable. Having said that, we really feel like we’re getting close to be able to doing that work and engaging the BLM on that, but we’re just not there yet, and we’re not there yet because we just we’ve been focused on doing other things. So, today we’re able to mine that mining actually is all on private land as you said, we do traverse certain federal lands within our portfolio and we have right-of-ways up in other words permits from the BLM to do that.

Very good.

All right, sir.

Thank you, goes up $27 as we speak.

Love that.

On the way.

Okay. Thank you, sir. Thank you.

And we’ll take our next question from Howdy Kabrins (Private Investor).

Howdy, is that you?

That’s me. I just want to from everything that I understand I just want to go to my way to complement Dave Thomas was a hard work…

I love for you to meet him Howdy and I miss talking to you.

Yeah that’s really that.

We’ve been, so busy but look forward to having you come out soon.

Great.

Thank you, sir.

And we’ll take our next question from Lawson Stuart with ACI-Standards.

Good morning Corrado.

Lawson, how are you?

Doing good. Hey, a question for you on the share price, aside from all of these great geologicals and the noted production increases which are certainly worthy a congratulations I think it lays optimistic ground for solid fundamentals going into the future. What can you tell me about your management team’s efforts to be more aggressive in highlighting the Storey and from what having LODE out there in the investor community to drive the share price higher, in terms of the attractiveness of continuing to own the Comstock as an investment I'm wondering what kind of strategies your teams has together to go out there and really begin to push the news and promote this concept to work the share price side of the equation?

It’s a great question, it’s very timely so I, let me first say that when I think back to last 12 months I absolutely feel like that’s one area that I personally in and whatever resemblance of our team is responsible for at where we’ve under-addressed it and certainly it wasn’t because of being last few days ago. But I feel like the amount of time especially in 2012 in the first quarter that we spent on engaging the community, supporting the positive pro-economic politics, growing support by sincerely and ethically bringing people to the mine and educating them about what we’re doing the right way. I think it was Herculean for our team. Dave even complained once in a while because we have so many tours of non-miners coming, so, but he knows just as well as I, I do that, it’s important for people to see how we’re doing it not just what we’re doing because that’s where our real support comes from. So, having made that excuse to you I really do feel the capacity coming online to be more externally focused from an investment community perspective. I don’t think we’ve ignored it but there certainly is a notion of minimum compliance and minimum maintenance versus proactive communication and proactive marketing. And I would give the lower score, lowest score probably on the latter. I don’t think that means we have a bad capital base. I actually reflect that it was not conventional, it was, it feels like it was brick-by-brick but when you look at the top eight or 10 institutions in the company right now what you’re seeing I think in the industry - industry wide but absolutely epitomized in us is the smartest most educated resource investors are aggregating to the highest quality junior…

Well I appreciate that perspective I think that everybody on the call would probably agree that the market is certainly full of - lots of fantastic sounding stories but don’t have real good future potential and fundamentals underneath them. But at the same time with a story this good with increasing production and reduced cost and all of these kinds of pieces that are coming out so favorably and I think evidence of good management certainly worthy of congratulation and encouragement to continue in that direction. Just a concept you mentioned of reducing staff by about 20 positions or so I think those things are great and certainly as you get pass some of the big regulatory hurdles and all those other things that have occupied so much time and attention. I would certainly as an investor encourage your team to not under-staff on that side of the equation and in fact may be you shift some of those staffing investments into getting the right folks in those roles to really get the story out there and push it and promote it because you can increase the value ton-by-ton pulling it out of the ground but I think there is these other intangible ways to increase that value for everybody that’s invested in it and I’d love to see it, so keep up the good work and I appreciate the perspective and the answer. Thank you.

Thank you. I’ll just re-summarize the - I mean this is obviously very logical statement but if we didn’t have production where it is, if we didn’t have our cost moving in the direction that they were moving, I wouldn’t have anything to promote. And I know that sounds obvious but I would add to that color to say that in almost four years I have been associated with the project now for almost four years. The most difficult period there were two. One, was two years ago when I was just getting a simple exploration permit and that resistance in the community was so strong and it hadn’t settled me and I think for sure what we’ve done in the last two years has been very positive in changing that but the last five months might have been the hardest so far. So, although the update is good and it feels good it was very, very difficult, it’s a very difficult industry, its an industry that we have done, it could be insatiable for capital and if you’re not planned I think you’re dead, if you’re not planned you’re dead because every mistake has hugely time and a huge capital cost associated with it, so this is an industry where you just do not have time not to plan. And so the planning of it is the most difficult part and then the execution in our case in the last four, five months was difficult because our survival depended on it right. If we were reporting, hey something is wrong we can only get 250 ounces a week we’re not sure why its not yielding god the hauling on the State Route is too expensive, we’d be done, we would be dead, right. Instead, we focused and dealt with those very, very difficult things not me, my team, right, I’m just here for support and my external time rather than meeting with investors was meeting with regulators and the community I mean in the last permit at Storey County I sat in the queue and I watched Dave and Rachel present and I got unanimous approval and I’m like I had to pinch myself like where am I, this is fantastic. So I’m not, I hope this isn’t coming across as any kind of bragging or arrogance I’m relived that’s where I’m, I’m just relieved that we made it to this point. And frankly guys still a high risk industry and this only positions us to deliver what we just talked about. We still have that same amount of wood to chop from here until December as we did from January to July but we feel pretty good about it right now. We’ve got the team, we’ve got people, we’ve got the focus and we’ve got the support. So.

I appreciate it. Thank you.

Thank you sir.

And we’ll take our next question from Jeb Handwerger with Mining Development Corp.

Hey Corrado, congratulations on the second quarter.

Thanks Jeb. It was great productivity wise and development wise, it wasn’t wonderfully financially, but we’re good, we’re good where we are to move forward.

Listening to the last question if you look at Comstock in 2013 versus the GDX, the GDX is down near, down 50% pretty much in 2013 while Comstock is only down 16%. So that’s I think a pretty big sign that you guys are doing the right thing here and you’re following the right business model. I don’t know if you know that if you pull up the two performance charts of the GDX versus Comstock you could see the (inaudible) performance of Comstock versus sector?

Yeah I didn’t really have in that contact, it kind of feels crappy when the stock price is getting down I guess relatively it is a good testament. And I think that its not just such a generic analogical thing, its actually logical to me because even though we’re not widely held per the last discussion the two handful of institutions that make up the foundation, so its certainly not the entirety but the foundation of our capital base are knowledgeable about what we’re doing, are paying attention to very intimate details about the mine plan and the progression and know the industry. So I think we have a great I think actually, I think we have a phenomenal base to build on. And I think that’s why I am sure that’s why we’ve been stable relatively speaking its interesting to hear what you just said but you’re right its not like either that there is a base there obviously Winfield Group is the genesis of that basin and the biggest part of that base and so in that regard I think we do have something very positive.

Going on to the next point we’re seeing the production going up, we’re seeing the cash cost going down, we’re seeing your net loss decreasing significantly from last year from the second quarter was $5.5 million versus $9 million. At this rate do you have any estimates of when we could possibly see a net gain per quarter?

I would love it to be in the fourth quarter but my head tells me that with the leach expansions and the work that we have to do its probably going to be Q1, it will be Q1 we’re looking very much forward to what full year 2014 will mean in every respect not just cost performance, not just cash positive performance but relative quarter-on-quarter, relative year-on-year. I mean we’re really setting ourselves up.

So that’s really the next big milestone I guess 2014, I guess that would be major milestone for the company yeah. Could we talk a little bit about your drilling program right now or do you have a drilling program that’s currently underway and our investors going to, shareholders going to hear more because you spoke about the high grade potential in the district and I am wondering if the company has any sort of high grade program to high grade exploration program?

We have a full drill program designed for the Dayton resource area we’re going to look to get some changes made at the county level before we start doing that drilling but that designed and for most all intensive purposes (Technical Difficulty) program designed for the east side which would expand out the entirety of the rest of the eastern part of that resource area which is our flagship right now. That though is being assessed against a development address that would go down into the Chute Zone in through some of the area where we want to do the most exploration development. It’s almost of a combination of an exploration shaft the development shaft and a mining shaft right. So we want to assess all of those against each other before we decide well if we want to know which one would be the most economically beneficial to us give us the most expansion of resource in the most positive economic way. So I think we’re looking towards 2014 for initiating those I would suspect that we would announce them or announce our decision in terms of which step to take by the end of this year. But we know what we want to do we’ve just prioritized this ramp up of production, reduction of cost and stabilization of cash profit first and then we would have the resources to move forward there. But I appreciate the question in two fronts, one because I didn’t address it but two to this day the biggest upside potential is exciting as production growth business is absolutely critical of prerequisite it is to stabilize this company’s future. Everyone here including Dave Thomas is here because of the resource potential of the entire district. And so that’s we’re all excited and anxious about getting more back into that. I would say what’s been impressive to me is to watch a senior team of exploration geologist with may be one real mine geologist in the bunch Steve Russell shift from an exploration team led by Larry Martin to a mine geology team led by Steve yet watching Larry and the rest of the geologists subordinate to that in some companies there is heavy conflict between exploration and production in our company everyone is subordinating to what’s most important today. I think not only is that obviously positive for us but it gives us tremendous flexibility when we’re ready to go back and start drilling again. So we’re positioned for it, we’re excited about what it means for the company in the future, we just have to stage it in the right sequence.

Thanks, Corrado.

And we’ll take our next question from Jerry William (Private Investor).

Hi, Corrado. Again many congratulations on the past quarter. As you spoke you got to hit the build the foundation to build on share price and that’s why I want to touch the base a little bit more in share price. First the one negative I see is that the we are victims of the fact that the price of gold has gone down this past quarter and it seems to kind of leveled out right now but I think you spoke the last time about gold price. So, I was wondering what you’re seeing in terms of the forecasting for gold prices improving in the future based on other company may be withdrawing from production and just the demand for gold overall.

Yeah. Okay, so I think just first quickly repeat that I think the best hedge and best protection against gold price volatility of course from us is being lower cost right and we’re heading in the right direction there. In terms of the actual gold price for obviously in the longer term my views of the U.S. government and most all the western governments monitory policy is pretty negative its almost demoralizing the way the government burn deficits and devalue the currency I don’t think they have much of a choice in doing it because their obligations are so far beyond any imaginable practicality that ultimately the U.S. currency has to devalue and has to devalue meaningfully. Having said what I just said the short-term view of U.S. economy although schizophrenic is biased towards net positive I think anybody who plays out what that ultimately means still remains bullish on gold because I don’t see any growth scenario that’s even being contemplated that could retard the growth of the deficit. I don’t, I just don’t see it I mean obviously pull it down a little bit, that’s about it. Having said all of that two very interesting things have evolved in this last three or four months. One, is the absolute of raw strength of physical demand, physical demand for gold is extremely strong and coming from deep pockets. So I see that continuing and even growing and it’s been very reassuring to see it be there. The, in all aspects be it for jewelry, be it for monetary, be it for investments or otherwise. On the flip side is the equation I think it was stunning to see how many companies initially that we’re writing down projects when Goldman blow 1500 and then the absolute pervasiveness of it when…

Okay, great. And then just one final question. How this seems you’ve ramped up production, you kind of met all your capital needs, is there any thought of perhaps doing a reverse stock split say 10 to 1 that so you might attract some more institutional investors?

There hasn’t been any thought about that. I think that our notion is that we have the fundamental asset and the fundamental production in cash flow growth profile to achieve target prices that open us up to all institutions obviously $5 is a meaningful level in that regard. And I think that our capital base is very sound in all other respects. So we haven’t thought about that specific type of activity.

Well again thanks so much and keep up the good work and I think you’ve focused your priorities in appropriate manner. So encouraged to hear all the good news.

Thank you, sir. Thank you.

And there are no further questions at this time.

Well I just like to thank everybody for their interest that you had spent in the breadth of the call. And obviously if there are any follow-up questions we’re available to do that and to the point of that one earlier gentlemen I look to be more proactive in terms of the external and investor communications going forward. Thank you and look forward talking again in the fall.

And this concludes today’s conference. Thank you for your participation.