Excellent reading in this report, shows why a $12 MC is very cheap.
Have a look at all the work done on Norton and how close it is to production.
"Although final processing plant design is dependent on the gravity trials of the bulk sample at Gekko Laboratories (currently underway), planning for the locations of the plant and concrete pads is underway.
During the March 2016 quarter important progress was made, including:
-Relevant Plan of Operations and Environmental Authority approvals being sought and advertised with no apparent negative feedback. Approval is now pending.
-Road Maintenance and Camp Rental agreements being executed with Gladstone Regional Council,
-Determination by the Department of Natural Resources and Mines that Mantle may harvest water from overland flows around the Norton mine site.
-Mine operations contract finalised pending execution between Mantle, its JV partner Avanti Mining and Contracting Pty Ltd and Charlton Mine & Civil and Earthmoving Pty Ltd.
During the June 2016 quarter, important progress was made towards restarting Norton Gold Mine, including:
-Completion of a bulk sampling program which included crushing, screening and sampling for analysis on site – refer to ASX release dated 24 May 2016;
-Ore sorter trials completed and gravity circuit trials in progress ahead of final process flowchart definition and detailed engineering design;
-Road construction works, Site Administration area cleared, earthworks undertaken, Site offices and ablutions block acquired and located on site with further construction activities in progress along with preparation of first mining areas commenced (Pictures 1 and 2);
-Hydrogeologic and Dam wall Engineering Design underway for Tailings Storage Facility (TSF) and Water Storage Facility (WSF) to allow accelerated construction of TSF and WSF.
Security fencing around the Mining Lease (ML) commenced and preparations for processing plant pad construction underway. Subsequent to the end of the 2016 financial year, the company announced a change in priority to development of the Morning Star Gold Mine and associated tenements and infrastructure, as well as an intention to review Norton with a view to assessing alternatives for realisation of value from the project."
Does this mean negotiations with MBK?
and for Morning Star
"Progress towards bringing the mine to a “production ready” status is steadily being made, while Mantle’s position in the area has been consolidated with the application for a new Exploration Licence (EL):
-Bringing existing infrastructure into compliance with environmental and statutory requirements;
-Work on data review, new database and new models of the upper level reefs is continuing;
-Rehabilitation of surface services underway;
-Definition of required metallurgical test work for processing plant modification is underway"
"The plant is located centrally to other historically and currently operating gold mines that suffer from a lack of such infrastructure."
Does this mean first income may be from starting up the processing plant, and potentially enter into negations with neighbouring mines?
IMO the absence of dates is management under promising and we are soon to see them deliver. The market cap will be closer to $30-50m if they can. Have a good weekend all.
