Yesterday, while giving a complete account of how the organization managed to lose track of millions of Dollars worth of Gold in a year, the Royal Canadian Mint explain that over $3 Million of Government's Gold was "unwittingly" sold off at about a fraction of its value as "refinery slag", and another $8 Million was "miscounted and never left the Royal Canadian Mint".

A large series of miscalculations and blunders have been revealed on the part of Mint which started as early as 2005, and have been collectively responsible for over 17,500 troy ounces of missing Gold from the mint's Ottawa division, when counted in October 2008.

The Mint has announced and shared all the details in a 12 page report.

Admitting to its blunders, the company has said, "At the end of the day, we've learned a lot of lessons".

A quick and harsh response has come in from the Government. "Despite the explanations I am disappointed that errors have occurred. As a result of these findings, executives will not receive any discretionary bonuses for 2008. In addition, I will continue to require the mint to report quarterly on inventory status as well as update me on how they are implementing the processing, accounting and security recommendations put forward by the reviews. I will continue to hold the mint accountable", said Minister of state for Transport Rob Merrifield.