Production last quarter was 165 ounces of gold and 135 ounces of silver for sales of $237,000
Annual gold production was 1,173 ounces and annual silver production was 988 ounces resulting in total annual gold and silver sales of $1.63 million
Average gold grade for the year was 24 grams per processed tonne of ore
Small negative net operating cash flow for the year of $31,000...from quarterly report:
"The level of production and sales over the past four Quarters has been sufficient to all but cover the Edie Creek Mine’s cash operating costs, as well as the PNG and Australian cash administration costs, resulting in a small $31,000 Net Operating Cash flow shortfall."
"Increases in ore processing and gold production are planned over coming months once the ball mill circuit commissioning is completed. This will have the potential to increase the rate of ore processed daily from the current 6 tonnes to approximately 20+ tonnes per day. This is planned to be accommodated within the single day shift and with minimal staff increases."
- New ball mill installed and commissioning underway.
- Diamond core drill rigs tested satisfactorily, with drilling at Edie Creek underway... owns its own drill rigs
Director paying himself in $0.002 shares and seeking shareholder approval to purchase another large tranche of NIU issued shares at $0.002
NIU also owns 72.54% of TNT Mines which operates in Tasmania.
Why is this not trading at $0.005 to $0.01?
NIU Price at posting:
0.3¢ Sentiment: Buy Disclosure: Held
