Ann: Quarterly Activities Report, page-51

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readyaimfire

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31/01/19

22:58

Post #: 37291221
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Originally posted by brussels ↑

Originally posted by Black Cat
The quarterly report was very professional and overall I don't have a problem with the direction of the company but there is a problem now with sufficient ore reserves to justify fast tracking completion of the Radio Hill plant. I assume DMIRS approval of the tailings dam is related to tails from sulphide ores -not the conglomerates.
The request for board changes may gather strength -and warranted - but you have to have a clear idea of what you want to achieve by change. I think they like everyone else have been sorely disappointed with the amount of gold in the conglomerates -the prime driver in installing the Gekko plant. Given that has occurred if I was looking for some answers I would do several things (a) I would pursue the present course of action set out in their report but I would also (b) Get the Gekko gravity circuit operational and process Patch 47 - put pressure on Novo to mine and process Purdys with their excess tonnage permits on the existing Exploration Licence -not wait for a Mining Lease to be granted -at least 18 months away and bang through whatever other conglomerate ore is available carrying gold the subject of excess tonnage permits. (c) If the start up cost of the Gekko could not be justified put in place a 100 tph gravity plant alongside the Gekko -they could have one there in a week - and process conglomerates to generate a cash flow. Just 100,000 tonnes @ 3g/t would deliver about $18 million in gross gold. Permits to do that would presumably be achievable expeditiously given no sulphides. It will probably never happen because public companies can't think outside the 'big picture' square but if shareholders are vocal enough it may be possible to force them to sit down and consider alternatives to the slow boat to China route which is going to result in massive dilution of the capital base. As I see it there is potentially a lot of conglomerates that could provide significant cash flow to bolster existing cash reserves and put the stock back on the radar. And hold out the carrot to process Comet Well -'without' a mining lease as it all should have been done in the first place. Add Comet Well to the mix and maybe $50 million in gold readily mineable.
hey Blackcat, what an extremely positive and pragmatic post. I agree that the quarterly was professional and in my view restrained. Perhaps this reflects the CEOs approach to not getting caught up in the hype of last year (nuggets on tables etc) and presenting a cautious if not pretty assessment of are we are at. The stuff on the ROM and on the Hill is probably not worth processing and there needs to be enough dug up or enough committed from a Pacton or other to invest the final bit in getting RH going. Grow slow, grow strong. After a chat with the company today I can only say I trust the intent to become a significant producer. They will not chase rabbits down holes, they will not run the company on advice from HC but do really seem to care about doing the best for shareholders. I am Mickey Mouse in the scheme of things yet each time I have contacted the company they have spent time telling me what they can within the rules. Why would they bother with such a small holder unless they really cared. I dunno who the master manipulators are and I don’t really care anymore. After today’s discussion I am going to trust my gut and stick this through.

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I'm glad they have convinced you, once again it would seem, that they have your and other shareholders interests at heart.

ARV Price at posting: 9.0¢ Sentiment: None Disclosure: Held
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Ann: Quarterly Activities Report, page-51

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