Hello and thank you for your enquiry.
Your frustrations with the market and AUMN share performance are shared by all of us. We will continue to look for ways to reassure investors. Please understand first off that we have no material information that has not been released. However, we will challenge ourselves to find ways to better communicate. For example, this may include more frequent updates on the status of operational improvements at Valerdeña. We have just this morning released information about the updated resource update for Valerdeña, and we expect that resource estimate to be followed by an economic assessment, which of course will be communicated to investors straightaway.
Golden remains 100%-focused on executing our business plan: increasing production at Velardeña, strategically monetizing portions of our large exploration portfolio, and seeking to become self-funding as a company -- all of which will ultimately benefit our shareholders. As such, the best use for our cash is at Velardeña, where it will enable us to increase production, increase revenue and profitability, and thus ultimately become self-funding as a company. It would not, therefore, make sense to buy our stock back or pay a dividend, as these are short term measures that would compromise our longer term growth by eating cash.
As mentioned, we have announced plans to monetize our portfolio of over 80 exploration properties where deal terms are attractive. This should bring cash into the company. We have also mentioned the possibility of seeking a JV partner for El Quevar to share the cost of development there.
With regards to Velardeña production, we have exceeded production guidance in the two periods to date in which we have owned the property. We hired a customs expediter back at the end of 2011 to help us with moving the equipment from El Quevar, and we were reassured weekly by Argentine customs that 'next week', the equipment would move. During the first quarter we were able to develop a workaround for the missing equipment and as noted, we exceeded our production forecast. Only when it became evident that second through fourth quarters would be negatively impacted did we issue a revised forecast, and then we did so straightaway. Had we been told in December 2011 that it would take six months for the equipment to arrive in Mexico, we would have adjusted 2012 plans then and communicated them accordingly.
With regard to your question, the gentleman who is most closely involved with the customs expediter is in our Mexico operations at the moment. I have emailed him to ask for an update on the status of the equipment. When I hear back from him, I will let you know. If he is underground today, I may not hear back from him until the weekend.
Thank you for your support of Golden Minerals.
Golden Minerals Investor Relations
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