Ann: Spectacular Gold Grades Continue from Pilot Hammer Mill, page-69

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jj2

1,735 Posts.

30/12/17

21:24

Post #: 29953328
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Originally posted by Humphrey2017 ↑

Hi guys, it is great to see so much interest in OGX again, here is my guess about what went wrong...

Operations and Corporate Update 21 October 2016 (just after shutdown):
' The relatively small amount of production material processed to date from high-grade stopes throughout the mine (91% of material processed has been mineralised waste or development material) has been estimated to have head grades of between 12 – 17g/t gold depending on the stope'

Company Update 9 December 2016:
' A further 6kg of gold was recovered and poured from the material processed during the two months of commissioning and ramp-up, taking total gold recovered from this two month period to 13kg. The average (mean) of tailings assays from this period was 4.12g/t. The majority (92%) of material processed during August and September was mineralised waste or development material. The tailings are dry stacked, and are likely to be reprocessed to recover the contained gravity recoverable gold. '

Therefore according to previous company announcements we have 12-17g/tonne gold in our development material and at least 4 grams in our waste (tailings)!!!!

So what went wrong?...IMO our company had too many levels of clueless management and too many leeches (at least 189 employees?) on the gravy train. We had two geolgists running the mine (a Brazilian 'El Presidente' and Vice President, why?).... eventually we hired Richard Crew (our new COO) but STILL KEPT all the levels of management and so imo he was probably unable to do what he wanted to do at the mine - but now he can.

I will say again that the best thing that our new Chairman Smokin Joe Pinto did was appoint Richard 'Goldfinger' Crew as our COO allowing him to bypass all the Brazilian red tape/incompetence and get back to basics - ie finding & producing gold!

If our development material has 15-17grams/tonne gold and the tailings have 4-6grams/tonne of gold then it will certainly be 'game on' followed by 'game, set and match'...

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same smokin joe that pumped his stock and sold you his shares at 4.5c

yeah great.. such a nice chairman.
what does that tell you what HE thinks about value here??

OGX Price at posting: 3.6¢ Sentiment: Sell Disclosure: Not Held
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