WTF!, page-11

Hey OOO. Hope you're well. Here's a bit forwarded by BP on AWV. Bought some more in the doldrums recently.

Nothing new in this really.

Just waiting. Still time to get some more whilst it's cheap.

Equity Resources Research
Anova Metals Limited (ASX:AWV)​

Gold - Nevada/ USA - Near Term Production​

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POISED FOR DEVELOPMENT

With final permits being received for their 100% owned Big Springs Gold Project in the Carlin District of Nevada, USA, Anova is set to commence the minimal development required for initial open pit production, expected in late Q2, CY2017. By virtue of a low initial capital cost of ~US$2 million and toll treating at the nearby Jerritt Canyon facility, financing and a mill are not required, thus resulting in the relatively short development time. Cash flow from the open pit mining will be used to develop underground operations – all in cash operating costs of ~US$850 - US$1,000/oz gold are expected. The Company has defined mineable resource of 142,400 oz in an overall resource base of 1.03 Moz, however is confident that further exploration will find significant resources to extend the mine life – since 1981 the nearby Jerritt Canyon mine has produced some 8 Moz of gold from an overall inventory of 11 Moz.
KEY POINTS

Fully permitted, simple, low capex start up: In the Big Springs Gold Project (“Big Springs” or “the Project”) Anova Metals (“Anova” or “the Company”), is looking at a simple and rapid start-up of it’s +1 Moz resource, commencing with an open pit followed by a three phase underground operation, with treatment through tolling at the neighbouring Jerritt Canyon Mine. A key to the proposed Big Springs operation is the low initial capital requirement – no mill is required due to the toll treating agreement, with only ~US$2 million start-up capex required for open pit establishment. The Company plans to use contractors for both open cut and underground mining, thus negating the need for purchasing mining equipment.
World Class Mining District: Big Springs is in the Carlin District of northern Nevada, a world class mining friendly region that produced approximately 73% of the US’s gold output in 2014. The state has produced over 150 Moz of gold, largely over the last 30 years.
Excellent Infrastructure: The region is served by excellent infrastructure, and given the welldeveloped mining industry, there is ready access to the facilities and skills required to service a new operation.
Low Operating Cost Jurisdiction: Another advantage of the US are relatively low mining operating costs when compared to Australia – this is largely as a result of cheaper labour, fuel and electricity. For example Australian labour costs in the mining sector are up to 50% higher than those in the US.
Well Defined Resource: The Project includes a well-defined resource of 16 Mt @ 2.0 g/t for 1.03 Moz, with a higher grade component of 3.1 Mt @ 4.2 g/t for 415,000 oz. The initial mining inventory includes 804,750 tonnes @ 5.50 g/t Au, for 142,400 oz of contained gold, with the 272,600 oz balance of the high grade component to be further evaluated.
Well Understood Mineralisation: The mineralisation, including metallurgy, is well understood, and hence will help mitigate start-up risk. Ore from Big Springs was previously processed through a 1,000 short tons per day trial roaster located at Big Springs, which was the precursor to the much larger 5,000 short tons per day Jerritt Canyon facility. Recoveries averaged 86% through the trial roaster. Jerritt Canyon has been treating similar ores for over 30 years, with good metallurgical recoveries of 85-90% expected, as confirmed by metallurgical test work on the Big Springs mineralisation. Geologically the mineralisation is well understood and defined.
Resource Upside: There is considerable potential to expand current resources, through extensions to the known mineralisation, and through new discoveries on the surrounding tenements. A number of the ore shoots that the Company is looking at mining are still open down plunge.
Strong and Committed Board and Management: The Board and Management have extensive industry experience in varied regions and commodities, including gold operations. In addition directors hold significant share holdings, and thus will be motivated to producing strong returns for shareholders.
FINANCIAL POSITION

As of December 31, 2017 the Company had $8.88 million in cash and no debt.
This is sufficient to fund ongoing activities, development capital, environmental bonds and expected working capital should all go to plan.
The Company raised $11.8 million before costs in the twelve months to December 30, 2017. The major part of this was raised in the September quarter – this included an oversubscribed placement that raised $7.1 million at $0.13/share, and a rights issue, again over-subscribed, that raised $2.17 million at the same price as the placement.
Over the same period the Company spent $1.83 million on exploration and $1.17 million on administration and staff costs.
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and $1.17 million on administration and staff costs.​