Taz, despite what you may think, I'm only trying to help newbies that frequent these boards.
I feel many aren't using a commonsense approach on this one. MCO produced just 12 ounces in March 2011 and now another 44 ounces March 2012. I'm mean...C'mon!
Do I need to remind you of this.
Back at the end of 2009, MCO had started stockpiling ore. This statement was made in the quarterly ending 31st December 2009.
"MCO noted its onsite ore stockpile was in the order of 6000T ranging from development grade ore to high grade ores from both Maxwell & Dickenson zones"
"Development ore was being feed into the plant. That ore consisted of high grade Maxwell reef ore and low grade (5g/t) dyke material"
So the minimum grade should've been no less than 5g/t. Just working on that figure alone and not adding high grade ores from Maxwell and Dickenson or adding extra stockpile ore that was added in the last 2 years, 6000 tonnes at 5g/t should yield around 1000 ounces.
MCO had a stockpile 2.5 years ago yeilding more than 1000 ounces and has been in production for 1.5 years and yet we've seen bloody 56 ounces.
Seriously!
Research that other Victorian gold company MB was involved with a few years back. Amazing similarities. By the way I'm not blaming him, it's a tough game and sometimes your best just isn't good enough.
I thought MCO would start out like HEG in the early days - High grade, low tonnage and grade would drop and as the tonnage increased. However it appears it's low grade, low tonnage.
That's a worry.
MCO Price at posting:
16.0¢ Sentiment: Sell Disclosure: Not Held
