our growth plans.  We are interested in acquiring projects that have substantially more to offer through exploration than what has been already clearly been established.  Put another way, we are not interested in acquiring individual gold projects per se, but are focused on acquiring gold projects that are rife with greater potential. These would be projects in what we believe to be established or emerging mineral districts that will provide for meaningful organic growth with additional exploration.

The next big increase in production will come from the high-grade portion of the Escondida zone within the Mulatos Pit.  The high-grade ore from Escondida will be processed through the Mulatos High-Grade Mill and then the mill tailings will be stacked on the heap leach pad to ensure maximum gold recovery.  Management believes that the Escondida project has the potential to double the Company’s annualized rate of gold production from Mulatos in 2012.

After mining of the Escondida zone starts, we are planning to bring the first of our Turkish mines, Kirazlı, into production in 2013.

Ağı Daği will follow in 2014, and both of these projects are expected to dramatically increase Alamos’ production profile.

Continue to Be a Low-Cost Producer

Although we are optimists and believe that there is still substantial upside potential in the price of gold, we are also business people; we recognize that managing the risks in our business is important and don’t base our business decisions on wishful thinking.  As such, we are focused on pursuing low-cost projects that will allow us to remain in the lowest quartile of total cash cost per ounce so that we will be able to maintain our healthy operating margins.

Maintain a Solid Financial Profile

We’re not convinced that the financial woes that troubled the global economies in late 2008 and early 2009 have completely played out. For this reason, we are committed to maintaining a strong balance sheet. This commitment has resulted in our having what we believe to be