2,649 metres of horizontal mine development completed in the quarter with 1,607 metres completed at Palito and 1,042 metres at Sao Chico. With the third ball mill operational from the end of the second quarter, along with a second flotation line and enhancements in the carbon in pulp (CIP), These plant enhancements have increased plant capacity from 380-400 tonnes per day (tpd) to over 500 tpd. This additional capacity of approximately 100 tpd is being used to consume the surface stockpile as much as practicably possible. Work has commenced on the installation of a new carbon regeneration kiln which should be completed in the early part of the fourth quarter. The kiln will regenerate fouled carbon and enhance gold recoveries. Sao Chico has now been deepened to the 86m level, some 150 vertical metres below surface. The ramp is continuing at a slower rate to the 71m level. During the third quarter, underground exploration drilling continued at both sites. At Sao Chico the first 17 holes of a 6,000 metre programme were completed. The programme is testing the continuity of the central ore-zone below the current deepest workings at 86m down to level -20m. At the end of the third quarter, the combined surface ore stockpiles at Palito and Sao Chico totalled 11,000 tonnes at an average grade of 3.3 g/t of gold. Clive Line, CFO of Serabi, commented, The third quarter has produced another satisfying result, both operationally and financially. Gold production of 10,233 ounces was another successive record quarter being a three per cent improvement on the preceding quarter. Record levels of mined and milled tonnages were also achieved in the quarter. Gross profit from operations has improved quarter on quarter and the pre-tax profit of US$743,000 is a significant improvement over the preceding quarter. At the same time, we continue to strengthen the balance sheet and pay down debt reflected in the improvement in the current asset position of the Company. During the third quarter we have changed customer for our copper/gold concentrate production. This change has brought with it improved payment terms but under IFRS, it has also accelerated the date on which the sale of a consignment copper/gold concentrate occurs. As a result, the third quarter results have benefitted from the recognition of a one-off additional sale, together with the associated production costs, of 160 tonnes of concentrate being recognised in the quarter. This also reflected in the balance sheet as the production costs of this 160 tonne shipment are no longer carried as inventory (valued at the cost of production) as they would have been in preceding periods, but as a receivable for the sales value of the shipment. The balance sheet has also been strengthened by the retirement in the quarter of approximately US$3.33 million of debt. We continue to repay the US$8 million debt facility from Sprott Resource Lending Partnership which as at the end of October 2016 has been reduced to approximately US$1.0 million.
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