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Net earnings increased to $98 million ($0.30 per share), compared with $9 million ($0.05 per share) in 2004. Included in the 2005 net earnings of $98 million is $52 million from the sale of gold bullion inventory;
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Operating cash flows increased to $164 million ($0.50 per share), compared with $12 million ($0.06 per share) in 2004;
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Gold production doubled to 281,000 ounces for the quarter, compared with 138,600 ounces in 2004;
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Gold sales were 543,100 ounces, including the sale of 275,700 ounces of gold bullion inventory held at the start of the quarter (2004 – 93,600 ounces);
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Total cash costs more than halved to $52 per ounce compared to $116 per ounce in 2004.
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Commissioning of Amapari mine commenced during the quarter, with production expected by the fourth quarter.
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With a cash balance of $421 million at June 30, 2005, in combination with the recently announced $500 million bank credit facility, the Company is well positioned to continue to grow by way of acquisition.