Just had a chance to look over Q2.  While Revenue was lower that I would have like to have seen, it is what it is - processing low grade "waste" as per wardrop.  I was surprised to see commissioning take over 6 months, but perhaps that is related to the Chinese way of doing things.  That said, with commissioning complete in Q2, I would think that the mill would have been shut down for optimization - perhaps a factor in the lower gold/revenue.

That also means going forward, we should see continued higher grades until payday - the grade zones that are represented in the Wardrop study.

A few things of interest for me:

-> Revenue for Q1/2 are $12.5m vs. $3M last year - nice 400% increase without the higher grade being processed.

-> Operating Profit for Q1/2 rose to $2.25M vs. ($550k) in 2011

-> Plant and property (Mill/equipment) increased $4.4M to 24.4M, vs. $20M

-> Shareholder equity rose by $1.5M

These are all positive and again, as noted previously, this co is just starting its mine life.  My previous impatience has been replaced by a better overall view of this company as it is really a "start up" at this point.

Was hoping for an update on HK, but did not get it - but i have yet to read the MD&A.  In regards to Majestic's slide that shows future gold production - I know the forecasts may be disappointing, but keep in mind, this is the first time majestic has been able to forecast and give us shareholders a picture going forward. 

Seems to be a slower process than many investors want, just like any start up, but it'll be worth it. Bring on full capacity and the high grade zone, and this flies:

During the quarter ended March 31, 2012, the Company completed commissioning the new mill for the company’s flagship Song Jiagou project. The Company’s mining contractor is running low grade material from stockpiles through the mill in order to assess the efficiency of the mill. Mill throughput has increased from an initial rate of 3,000 tonnes per day to 5,000 tonnes per day. The Company plans to reach full capacity of 6,000 tonnes per day during the next quarter.
In addition, the tailings dam is fully completed and all tailings lines and water return systems are in place and now in use. The Company has commenced the application process for additional mining permits for the increased throughput to comply with regulatory requirements.