While the addition to the resource base is welcome, it is only the inaugural JORC and just a distraction at this stage. Much work has to be done here yet. In my opinion the pit resource will overlap the UG resource by at least 12 months which means the Mapawa feed won't be needed for at least two years.
We should be more focused on the quarterly report out next week. I'm looking for 200,000 tonnes of ore processed at 3 g/t to give about 17,000 oz for quarter. Rough estimate gives $27 mil cash. This should give an increase in available cash to at least $20 mil which will be a good start for the required capital to kick off the UG operations towards end of next calendar year.
Would also like to see 100,000 tonnes of ore on the pad as the start of the build up to 270,000 tonnes needed by end of Q2 for the wet season.
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- Ann: Maiden resource for Mapawa LSY deposit
While the addition to the resource base is welcome, it is only...
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