Hi Joelstar Thanks for the replay.Yeah my understanding is they...

Hi Joelstar

Thanks for the replay.

Yeah my understanding is they are stopping ore processing operations immediately.


So there is no $10M-$15M worth of stock pile to be processed any time soon. They have made the workforce redundant and only a small crew will be kept on to keep the plant in a Care and Maintenance state. From my experience this would be enough staff to maintain site security, and environmental obligations of the plant/site, and maybe a very small group of maintenance/operators to give motors a turn every so often and perform basic maintenance tasks.

I would say they will probably give the plant a clean out and probably will get some accumulated gold that has been stuck in the process since the last shutdown, say 1000oz or so at a guess.

Yeah so unfortunately for GCY I really don't see them having much more than $10M. There is a good chance cash position is even less than this. The last 5-6 weeks of ops have definitely not been cash flow positive. If it had been then they would not be shutting down ops.