All figures are in United States dollars.
The Andacollo Mine was permanently closed in December of 2000, at which time the Company wrote off its interest in this operation and deconsolidated it from the balance sheet. Therefore, the results for the first quarter of 2001 exclude the operating and financial results of the Andacollo mine. The reduction in revenue was a result of a lower volume of metal sold due to lower production and a change in the Company's revenue recognition policy. In 2000 sales were recognized when metal was available for sale. As result of this accounting policy change, sales totaled 10,330 ounces of gold and 49,020 ounces of silver in 2001 compared to the reported production for the corresponding period in the prior year.