----
First Quarter Highlights:
-- Improved Earnings and Cash Flow: Adjusted
net earnings of $18.8 million ($0.21 per share)
were improved from $1.6 million ($0.02 per share) in
2011 and operating cash flow before working capital
changes increased to $21.3 million ($0.24 per share)
from outflows of $1.2 million (-$0.01 per share) in 2011;
prices to commence in May.
----
Cash Position Continues to Grow
The Company's cash position increased to $86.3 million
at March 31, 2012(after paying the initial $9.4 million
principal and interest payment on the promissory note held
by a subsidiary of Goldcorp Inc. in January) from the December 31,
2011 balance of $80.8 million. The Company continues to invest in organic
growth while building on its balance sheet strength
----
Expecting big things from Joe Conway (formerly CEO of IAMGOLD) and Primero.
I am long Primero(Quote - PPP).
