I will now turn the call over to Scott Caldwell.Scott Caldwell – President and Chief Executive Officer Thank you, Tracey and good morning to everybody on the call. Thanks for taking time out of your day to listen to us. Third quarter, the company had another quarter in the health, safety, environmental front, no lost-time accidents or significant environmental incidents during the quarter. As a matter of fact, the company has gone two years have had a lost-time accident. Its outstanding performance is a direct result of the men and women working in the field like I just can’t say enough good things about the performance in that area, especially on the safety front. With this dramatic expansion, we are undergoing all the training we are doing and to have that kind of a safety record is only a credit to Warren and the team out of Hycroft. Bad news, gold production was lower than expected. I want to stress that the recoveries were as expected. The heap is performing as we thought it would perform. We are seeing slightly better silver recoveries, better silver grades in plant. Gold grade is spot on with the model on areas we have mined. Production was adversely affected really by late equipment deliveries the mining equipment that we talked to early in the year, primarily the shovels, but also a driller too took a while to get commissioned. And then probably the most recent thing was some effects on the Merrill-Crowe plant that started to happen to us late in September or mid September. Pumps were laid – continued to be laid. They finally are operational now with the pumps are required to get adequate flows upon to the heap for the plant expansion that they were eight weeks late or a couple of months hence the drop in production.
Silver production is far greater than what we had expected. It continues to trend up to effective recovery and silver grade, recovery certainly appears to be a couple of percentage points higher than we thought and silver grade is about 30% better than the model so as it should be. I am not surprised by the silver grade side of things, because a lot of the model up high and the (indiscernible) in particular was not re-drilled for silver assays, historically never assayed for silver.So, we don’t have a real solid model up high and so we are not surprised by that, but we are surprised, pleasantly surprised by the amount of silver we are making. For the quarter, we sold 4.6 ounces of silver for every ounce of gold and I mean even I can do that math, that’s a nice credit to costs, 30 bucks silver, nearly $150 an ounce. Again I keep telling people what makes this thing work, what makes it work on a heap leach, what makes it work on a milling expansion, its silver, silver, it’s a phenomenal credit to cost now. And once we get the mill built, it becomes a real cash flow generator making 20 plus million ounces a year. Operating costs continued to look pretty good at $478 per ounce in the quarter. Year-to-date, we are sitting at right at $486 or so. So, certainly we believe that we are going to be within our guidance of $450 to $490 an ounce the upper end of that. Mining costs are trending down unit costs. As the new mining equipment becomes online, we are starting to see those efficiencies with that large shovel, the tonnage goes up. Our cost per ton is trending downwards. We are starting to see that drop back to where we need as we are able to start to stand down the loaders which are high maintenance costs, high operating costs. Process plant, the costs continued to remain flat. I will remind you that forward-looking stuff we use 100 or fuel oil prices associated with $100 per barrel fuel oil. So, we still look that we are okay with fuel running, West Texas running about 95 or so. Read the rest of this transcript for free on seekingalpha.com