since these measures do not incorporate revenues , changes in working capital and non-operating cash costs , they are not necessarily indicative of operating profit or cash flow from operations as determined under gaap . changes in numerous factors including , but not limited to , mining rates , milling rates , gold grade , gold recovery , and the costs of labor , consumables and mine site general and administrative activities can cause these measures to increase or decrease . we believe that these measures are the same or similar to the measures of other gold mining companies , but may not be comparable to similarly titled measures in every instance . all figures and amounts in this item 7 are shown on a 100 % basis , which represents our current beneficial interest in gold production and revenues . once all capital has been repaid , the government of ghana would receive 10 % of the dividends from the subsidiaries owning the bogoso/prestea and wassa mines . our business through our subsidiaries and joint ventures we own a controlling interest in three significant gold properties in southern ghana in west africa : the bogoso/prestea property ( bogoso/prestea ) , the wassa property ( wassa ) and the prestea underground property ( prestea underground ) . bogoso and prestea are adjoining properties , operating as a single operation and referred to as bogoso/prestea . bogoso/prestea and the prestea underground are owned by our 90 % owned subsidiary bogoso gold limited ( bgl ) . in 2004 we sold 147,875 ounces of gold from bogoso/prestea for an average gold price of approximately $ 410 per ounce having a cash operating cost of approximately $ 250 per ounce . essentially all of our gold production to date has come from bogoso/prestea . through another 90 % owned subsidiary , wexford goldfields limited ( wgl ) , we own the wassa gold property , located some 35 kilometers east of bogoso/prestea . a newly constructed ore processing plant at wassa is now in its commissioning and testing phase , processing heap leach materials left by a former owner . we expect that the new plant will achieve its full design capacity of 10,000 tonnes per day in the first quarter of 2005. the prestea underground is located on the prestea property and consists of a currently inactive underground gold mine and associated support facilities . as of december 31 , 2004 , bgl , our 90 % owned subsidiary , owned a 90 % operating interest in this mine . we are currently seeking to determine if the underground mine can be reactivated on a profitable basis . we hold interests in exploration joint ventures , managed by joint venture partners , in mali and sierra leone in west africa and hold active exploration properties in ghana , suriname and french guiana . we hold interests in gold exploration properties in peru and chile through our affiliate goldmin holdings , and in the democratic republic of the congo through an investment in moto goldmines limited . our corporate headquarters is located in littleton , colorado . our accounting records are kept in compliance with canadian gaap and all of our operations , except for the french guiana office , transact business in us dollars and keep financial records in us dollars . business strategy and development since 1999 our business and development strategy has been focused primarily on the acquisition of producing and development stage gold properties in ghana and on the exploration , development and operation of these properties . we also explore for gold . since 1999 our exploration efforts have been focused on ghana , other west african countries and south america . we are currently carrying out technical and environmental studies to expand production at bogoso/prestea . we commenced development at wassa in mid-2003 , and expect it to be fully operational in early 2005. if the above mentioned expansion and development plans at bogoso/prestea are approved and permitted as expected , our annualized production is expected to range between 375,000 and 425,000 ounces of 52 gold by 2007. achievement of this target is subject to numerous risks . see the discussion of risk factors in item 1 above . our overall objective is to grow our business to become a mid-tier gold producer ( which we understand to be a producer with annual production of approximately 500,000 ounces ) over the next few years . as part of the effort to achieve our goal , we are actively investigating potential acquisition and merger candidates . however , we presently have no agreement or understanding with respect to any specific potential transaction . trends and events 2004 operational summary gold production totaled 147,875 ounces in 2004 , down from 174,315 ounces in 2003. production during 2004 was adversely affected by mining and processing difficulties experienced in the latter part of the year as the bogoso/prestea processing plant transitioned from oxide ores to transition and non-refractory sulfide ores which are not as well suited for processing in the bogoso plant as were the oxide ores milled earlier in the year . start-up difficulties with the new flotation circuit and unusually high rainfall during the second and third quarters also reduced mine output and hampered efficient plant operations . to compensate for the ore shortage , the bogoso plant supplemented the pit ore with stockpiled ores which were also not very well suited for processing in the bogoso plant . the net result was a lower processing rate and reduced gold recovery which in turn reduced gold output and sales revenues as compared to 2003. additional information on 2004 operations is contained below in the result of operations section . the lower revenues resulted in earnings of $ 2.6 million during 2004 , down from $ 22.0 million in 2003. earnings were also reduced by $ 4.1 million of expenses related to the iamgold tender offer . story_separator_special_tag cash operating costs averaged $ 250 per ounce , compared to $ 166 per ounce in 2003 , and total cash costs averaged $ 264 per ounce , up from $ 184 per ounce in 2003. depreciation and amortization were higher than in 2003 mostly due to the amortization costs of new assets added in late 2003 and in 2004 such as the flotation plant at bogoso . increases in corporate general and administrative costs contributed to the lower income versus 2003. higher compensation costs relating to additional administrative personnel relative to 2003 , increases in investor relations costs , higher insurance costs , sarbanes-oxley compliance costs and an overall higher level of corporate activity in response to the growth of the company all contributed to the increase in general and administrative costs . a $ 1.5 million tax benefit was recorded during 2004. recognition of a deferred tax asset was deemed appropriate at the end of 2004 in light of the continued ghanaian operating profits at bgl . we have substantial tax assets in canada and france mostly due to past losses , capital allowances and tax pools , but a tax valuation allowance has been provided in an amount equal to net tax assets in these jurisdictions . bogoso/prestea operations 2004 2003 2002 ore mined ( t ) 1,411,243 2,001,905 2,222,767 waste mined ( t ) 8,065,915 6,791,926 5,211,335 ore milled ( t ) 1,650,412 2,093,600 2,271,747 grade milled ( g/t ) 4.09 3.29 2.31 recovery ( % ) 67.3 81.2 74.4 story_separator_special_tag concentrates for over 18 years . a total of six biox ® operations have been successfully commissioned since commercialization of the process , of which four are still operating . two new biox ® plants are currently under construction , the suzdal plant in kazahstan and the fosterville plant in australia , which are scheduled for commissioning during 2005. four additional biox ® plants are now in various stages of development and are currently scheduled for commissioning during 2005 and 2006. one of the larger bio-oxidation plants which was built by grd minproc in the mid-1990s , is located at anglogold ashanti 's obuasi mine , which is also located on the ashanti gold trend , 130 kilometers northeast of bogoso/prestea . we believe that the sulfide mineralization at obuasi is similar to the bogoso/prestea material . our metallurgical assessment of the suitability of the bio-oxidation process for bogoso/prestea ores has been a four-year project . the work has involved metallurgical assessments on some 32 samples representative of the current sulfide reserves , including a flotation , biox ® and neutralization pilot plant program on a nine-tonne bulk sample compiled by the blending of approximately 90 diamond drill hole cores . 58 upon completion of the biox ® upgrade , the bogoso processing plant is expected to have a nominal capacity of 3.5 million tonnes per annum to process refractory sulfide ores from our bogoso and northern prestea pits , where we currently have proven and probable refractory reserves of approximately 20.5 million tonnes at an average grade of 2.81 grams per tonne . gold production from the bogoso mill , following a mining fleet upgrade and installation of the bogoso biox ® circuit , is expected to average approximately 270,000 ounces per annum and to vary between 260,000 to 290,000 ounces per annum at an average cash operating cost between $ 250 to $ 270 per ounce after commercial production is achieved in 2006. estimated gold recoveries from the biox ® process are expected to average 86 % and vary between 78 % and 88 % . wassa gold mine while we experienced significant construction delays during 2004 , the construction phase of the wassa project was substantially complete by december 31 , 2004 except for the power line which is now under construction and which we expect to complete by mid-year 2005. following discussions in november 2004 , our contract with mdm was terminated on november 29 , 2004. all of the required power line permits have been obtained , and all of the material power line construction equipment has been delivered and staged for construction or are on order . while the power line is still under construction , the existing powerhouse at wassa should generate all of the power needed to fully operate the plant and associated facilities until the connection to the local power grid is completed . as of december 31 , 2004 acquisition and development costs totaled $ 66.5 million including feasibility study costs , development drilling and geology , operating equipment and plant and site construction costs . the remaining project costs at december 31 , 2004 are estimated to be $ 7.0 million , consisting of $ 5.0 million for completion of the power line and $ 2.0 million for completion of miscellaneous items at the plant site . an additional $ 14 million is also budgeted in 2005 for purchase of additional mining equipment . during 2004 while testing and commissioning the mine we poured 5,292 ounces of gold resulting in $ 2.3 million of preproduction revenues which were credited against mine development costs . commissioning and testing of the new wassa processing plant began in late 2004. by december wassa had poured 5,292 ounces of gold resulting in $ 2.3 million of preproduction revenues which were credited against mine development costs . we expect wassa will achieve commercial production during the first quarter of 2005 , processing at its design capacity of approximately 10,000 tonnes per day . our 2005 mining plan involves processing most of the heap leach material left on the pads by the former owner which will furnish a low cost ore feed to the new plant during its first year of operations and will also clear the pad area for use as a tailings dam site . mining will be performed initially using a mixture of equipment transferred from bogoso/prestea and contract equipment until new equipment is procured . during

cash operating cost per ounce $ 250 $ 166 $ 193 royalties per ounce $ 14 $ 18 $ 22 total cash cost per ounce $ 264 $ 184 $ 215 the bogoso processing plant processed an average of 4,509 tonnes per day in 2004 , down from 5,736 tonnes per day in 2003. all of the ore processed in 2004 came from the plant-north ore body and from old bogoso transition ore stockpiles . the average ore grade processed in 2004 was 4.09 grams per tonne , up from 3.29 grams per tonne in 2003 , but gold recovery dropped to 67.3 % from 81 % in 2003. lower recovery was directly related to the non-refractory sulfide ores and to the transition ores which typically have lower recoveries than the oxide ores milled in 2003 . 2003 compared to 2002 net income totaled $ 22.0 million or $ 0.198 per share on revenues of $ 64.4 million for 2003 , versus net income of $ 4.9 million or $ 0.067 per share on revenues of $ 38.8 million during 2002. higher gold prices , increased gold production , a $ 2.3 million gain on currency exchange rates and a $ 1.9 million gain on the sale of marketable securities were the major factors contributing to the earnings improvement . realized gold prices averaged $ 364 per ounce for the year , a 17 % increase from the $ 311 per ounce realized in 2002. a weakened us dollar in 2003 versus most other major world currencies is thought to be responsible for much of the increased gold price during 2003 .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash operating cost per ounce $ 250 $ 166 $ 193 royalties per ounce $ 14 $ 18 $ 22 total cash cost per ounce $ 264 $ 184 $ 215 the bogoso processing plant processed an average of 4,509 tonnes per day in 2004 , down from 5,736 tonnes per day in 2003. all of the ore processed in 2004 came from the plant-north ore body and from old bogoso transition ore stockpiles . the average ore grade processed in 2004 was 4.09 grams per tonne , up from 3.29 grams per tonne in 2003 , but gold recovery dropped to 67.3 % from 81 % in 2003. lower recovery was directly related to the non-refractory sulfide ores and to the transition ores which typically have lower recoveries than the oxide ores milled in 2003 . 2003 compared to 2002 net income totaled $ 22.0 million or $ 0.198 per share on revenues of $ 64.4 million for 2003 , versus net income of $ 4.9 million or $ 0.067 per share on revenues of $ 38.8 million during 2002. higher gold prices , increased gold production , a $ 2.3 million gain on currency exchange rates and a $ 1.9 million gain on the sale of marketable securities were the major factors contributing to the earnings improvement . realized gold prices averaged $ 364 per ounce for the year , a 17 % increase from the $ 311 per ounce realized in 2002. a weakened us dollar in 2003 versus most other major world currencies is thought to be responsible for much of the increased gold price during 2003 .
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 Suspicious Activity Report : since these measures do not incorporate revenues , changes in working capital and non-operating cash costs , they are not necessarily indicative of operating profit or cash flow from operations as determined under gaap . changes in numerous factors including , but not limited to , mining rates , milling rates , gold grade , gold recovery , and the costs of labor , consumables and mine site general and administrative activities can cause these measures to increase or decrease . we believe that these measures are the same or similar to the measures of other gold mining companies , but may not be comparable to similarly titled measures in every instance . all figures and amounts in this item 7 are shown on a 100 % basis , which represents our current beneficial interest in gold production and revenues . once all capital has been repaid , the government of ghana would receive 10 % of the dividends from the subsidiaries owning the bogoso/prestea and wassa mines . our business through our subsidiaries and joint ventures we own a controlling interest in three significant gold properties in southern ghana in west africa : the bogoso/prestea property ( bogoso/prestea ) , the wassa property ( wassa ) and the prestea underground property ( prestea underground ) . bogoso and prestea are adjoining properties , operating as a single operation and referred to as bogoso/prestea . bogoso/prestea and the prestea underground are owned by our 90 % owned subsidiary bogoso gold limited ( bgl ) . in 2004 we sold 147,875 ounces of gold from bogoso/prestea for an average gold price of approximately $ 410 per ounce having a cash operating cost of approximately $ 250 per ounce . essentially all of our gold production to date has come from bogoso/prestea . through another 90 % owned subsidiary , wexford goldfields limited ( wgl ) , we own the wassa gold property , located some 35 kilometers east of bogoso/prestea . a newly constructed ore processing plant at wassa is now in its commissioning and testing phase , processing heap leach materials left by a former owner . we expect that the new plant will achieve its full design capacity of 10,000 tonnes per day in the first quarter of 2005. the prestea underground is located on the prestea property and consists of a currently inactive underground gold mine and associated support facilities . as of december 31 , 2004 , bgl , our 90 % owned subsidiary , owned a 90 % operating interest in this mine . we are currently seeking to determine if the underground mine can be reactivated on a profitable basis . we hold interests in exploration joint ventures , managed by joint venture partners , in mali and sierra leone in west africa and hold active exploration properties in ghana , suriname and french guiana . we hold interests in gold exploration properties in peru and chile through our affiliate goldmin holdings , and in the democratic republic of the congo through an investment in moto goldmines limited . our corporate headquarters is located in littleton , colorado . our accounting records are kept in compliance with canadian gaap and all of our operations , except for the french guiana office , transact business in us dollars and keep financial records in us dollars . business strategy and development since 1999 our business and development strategy has been focused primarily on the acquisition of producing and development stage gold properties in ghana and on the exploration , development and operation of these properties . we also explore for gold . since 1999 our exploration efforts have been focused on ghana , other west african countries and south america . we are currently carrying out technical and environmental studies to expand production at bogoso/prestea . we commenced development at wassa in mid-2003 , and expect it to be fully operational in early 2005. if the above mentioned expansion and development plans at bogoso/prestea are approved and permitted as expected , our annualized production is expected to range between 375,000 and 425,000 ounces of 52 gold by 2007. achievement of this target is subject to numerous risks . see the discussion of risk factors in item 1 above . our overall objective is to grow our business to become a mid-tier gold producer ( which we understand to be a producer with annual production of approximately 500,000 ounces ) over the next few years . as part of the effort to achieve our goal , we are actively investigating potential acquisition and merger candidates . however , we presently have no agreement or understanding with respect to any specific potential transaction . trends and events 2004 operational summary gold production totaled 147,875 ounces in 2004 , down from 174,315 ounces in 2003. production during 2004 was adversely affected by mining and processing difficulties experienced in the latter part of the year as the bogoso/prestea processing plant transitioned from oxide ores to transition and non-refractory sulfide ores which are not as well suited for processing in the bogoso plant as were the oxide ores milled earlier in the year . start-up difficulties with the new flotation circuit and unusually high rainfall during the second and third quarters also reduced mine output and hampered efficient plant operations . to compensate for the ore shortage , the bogoso plant supplemented the pit ore with stockpiled ores which were also not very well suited for processing in the bogoso plant . the net result was a lower processing rate and reduced gold recovery which in turn reduced gold output and sales revenues as compared to 2003. additional information on 2004 operations is contained below in the result of operations section . the lower revenues resulted in earnings of $ 2.6 million during 2004 , down from $ 22.0 million in 2003. earnings were also reduced by $ 4.1 million of expenses related to the iamgold tender offer . story_separator_special_tag cash operating costs averaged $ 250 per ounce , compared to $ 166 per ounce in 2003 , and total cash costs averaged $ 264 per ounce , up from $ 184 per ounce in 2003. depreciation and amortization were higher than in 2003 mostly due to the amortization costs of new assets added in late 2003 and in 2004 such as the flotation plant at bogoso . increases in corporate general and administrative costs contributed to the lower income versus 2003. higher compensation costs relating to additional administrative personnel relative to 2003 , increases in investor relations costs , higher insurance costs , sarbanes-oxley compliance costs and an overall higher level of corporate activity in response to the growth of the company all contributed to the increase in general and administrative costs . a $ 1.5 million tax benefit was recorded during 2004. recognition of a deferred tax asset was deemed appropriate at the end of 2004 in light of the continued ghanaian operating profits at bgl . we have substantial tax assets in canada and france mostly due to past losses , capital allowances and tax pools , but a tax valuation allowance has been provided in an amount equal to net tax assets in these jurisdictions . bogoso/prestea operations 2004 2003 2002 ore mined ( t ) 1,411,243 2,001,905 2,222,767 waste mined ( t ) 8,065,915 6,791,926 5,211,335 ore milled ( t ) 1,650,412 2,093,600 2,271,747 grade milled ( g/t ) 4.09 3.29 2.31 recovery ( % ) 67.3 81.2 74.4 story_separator_special_tag concentrates for over 18 years . a total of six biox ® operations have been successfully commissioned since commercialization of the process , of which four are still operating . two new biox ® plants are currently under construction , the suzdal plant in kazahstan and the fosterville plant in australia , which are scheduled for commissioning during 2005. four additional biox ® plants are now in various stages of development and are currently scheduled for commissioning during 2005 and 2006. one of the larger bio-oxidation plants which was built by grd minproc in the mid-1990s , is located at anglogold ashanti 's obuasi mine , which is also located on the ashanti gold trend , 130 kilometers northeast of bogoso/prestea . we believe that the sulfide mineralization at obuasi is similar to the bogoso/prestea material . our metallurgical assessment of the suitability of the bio-oxidation process for bogoso/prestea ores has been a four-year project . the work has involved metallurgical assessments on some 32 samples representative of the current sulfide reserves , including a flotation , biox ® and neutralization pilot plant program on a nine-tonne bulk sample compiled by the blending of approximately 90 diamond drill hole cores . 58 upon completion of the biox ® upgrade , the bogoso processing plant is expected to have a nominal capacity of 3.5 million tonnes per annum to process refractory sulfide ores from our bogoso and northern prestea pits , where we currently have proven and probable refractory reserves of approximately 20.5 million tonnes at an average grade of 2.81 grams per tonne . gold production from the bogoso mill , following a mining fleet upgrade and installation of the bogoso biox ® circuit , is expected to average approximately 270,000 ounces per annum and to vary between 260,000 to 290,000 ounces per annum at an average cash operating cost between $ 250 to $ 270 per ounce after commercial production is achieved in 2006. estimated gold recoveries from the biox ® process are expected to average 86 % and vary between 78 % and 88 % . wassa gold mine while we experienced significant construction delays during 2004 , the construction phase of the wassa project was substantially complete by december 31 , 2004 except for the power line which is now under construction and which we expect to complete by mid-year 2005. following discussions in november 2004 , our contract with mdm was terminated on november 29 , 2004. all of the required power line permits have been obtained , and all of the material power line construction equipment has been delivered and staged for construction or are on order . while the power line is still under construction , the existing powerhouse at wassa should generate all of the power needed to fully operate the plant and associated facilities until the connection to the local power grid is completed . as of december 31 , 2004 acquisition and development costs totaled $ 66.5 million including feasibility study costs , development drilling and geology , operating equipment and plant and site construction costs . the remaining project costs at december 31 , 2004 are estimated to be $ 7.0 million , consisting of $ 5.0 million for completion of the power line and $ 2.0 million for completion of miscellaneous items at the plant site . an additional $ 14 million is also budgeted in 2005 for purchase of additional mining equipment . during 2004 while testing and commissioning the mine we poured 5,292 ounces of gold resulting in $ 2.3 million of preproduction revenues which were credited against mine development costs . commissioning and testing of the new wassa processing plant began in late 2004. by december wassa had poured 5,292 ounces of gold resulting in $ 2.3 million of preproduction revenues which were credited against mine development costs . we expect wassa will achieve commercial production during the first quarter of 2005 , processing at its design capacity of approximately 10,000 tonnes per day . our 2005 mining plan involves processing most of the heap leach material left on the pads by the former owner which will furnish a low cost ore feed to the new plant during its first year of operations and will also clear the pad area for use as a tailings dam site . mining will be performed initially using a mixture of equipment transferred from bogoso/prestea and contract equipment until new equipment is procured . during

