Morning Star has produced 1.4 million ounzes in its long 126 year history. It features multiple lodes but mining was abandoned in 2005 when the gold price was A$550.
In February 2018 Ramelius management allowed Morning Star to come out of the closet in the RIU conference at which the company stated that it exhibited 'Significant Mineral Resource +500koz at higher grade than is currently being mined at Mt Magnet'.
At the company's AGM in November 2018 the chairman said that Morning Star 'mining operation was to commence in early 2019' and in February 2019 the company announced that the company's Mining Proposal for Morning Star was approved.
But by May 2019 there is no mention of Morning Star in the Investor Presentation of the 21st. It makes a brief appearance at the HK presentation in March [ where the CEO is heard to say about Mt Magnet ...'we believe it's a 10 million ounze camp....without a doubt '].
In the infamous 17 June 2019 ' 1million ounze Mine Plan' announcement Morning Star production commences in the 2021 financial year but its 80,000 in reserves ozs runs out by 2023.
So, why does the chairman state at the AGM in Nov 2018 that Morning Star production will commence ' in early 2019' ?
This is one question that should be posed at the 2019 AGM on the 22nd November.
Do you think - like me- that Ramelius is understating its reserves....' .without a doubt ' ?
Morning Star
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