TGR: Mandalay's Costerfield and Cerro Bayo deposits have gold and silver. Oceana has gold and copper. Do you like the multimetal producers?
JT: As a goldbug, I'm concerned about a major collapse in the economy sending the prices of copper and other base metals down. I look at it case by case and project by project.
TGR: Can Mandalay be profitable at $1,200/oz gold and $18/oz silver?
RA: Yes. Our all-in production cost right now is $1,180/oz, and that's converting the gold, silver and even antimony to gold equivalent for cost. It's turning a profit, but margins are thin. Mandalay also has good management; it understands what investors want from a mining company. It's refreshing when you hear Mandalay's management present its accomplishments and vision of management.