"2013 estimated costs are around 38M$ and projected annual production is around 30,000 ounces"

Where are you getting the 38M from? The 43-101 page 22-18 has total operating cost of 34M for 2013 with production at 66k oz (that would be gold sales of over 90M). If production is lower than that number, then the cost would be lower since operating cost is directly related to amount of production. Higher production has higher operating cost. There needs to be an apples (34M) to apples (66k oz) comparison. If you insist on an orange (30k oz) then it needs to be compared with another orange not an apple.

You can take a liberal % discount to the production and add a large % increase to the cost, but the independent geologist would need to be outrageously wrong for the mine not to be profitable. Arm chair geologists on a message board versus independent geologist on an official 43-101. The actual is probably somewhere in between, but i'm not going to bet on arm chair geologists all the way. The website still says "This coming Spring of 2013, the mill will ramp up to 60,000 oz." When they are already at 20k oz/yr rate and in early stages of ramping up, passing 30k oz/yr is not outrageously impossible. Everyone likes to use Sandstorm's 30k oz number. Like i said before, Sandstorm likes to be conservative with their estimates. From the messages on this board, people are looking backward rather than looking forward, as if MTO is still not producing yet.