Ann: Niuminco Receives First $100,000 Payment under Funding Agree, page-11

Mine output for the March qtr (Q3 FY15) rose 19.2% to 402.7oz Au and 336.2oz Ag, delivering a 27.4% increase in sales revenue to $A608,132, sufficient to cover operating and PNG administration costs.The delivery this month of a second-hand bulldozer and new small ball mill will lift potential capacity from 6tpd to over 20tpd.

Niuminco Group has the brownfields Edie Creek gold project in Morobe Province 120km south of Lae. The mining leases cover nearly four square kilometres and lie in a valley between high slopes. Since becoming involved in the Edie Creek project, Niuminco has upgraded existing buildings and power supplies and constructed service roads in the lease area. Edie Creek ore is currently being processed at an average 15.0 tonnes per day – an increase from the previous 12 month averages of 6.4tpd. With new infrastructure purchased, it is anticipated Edie Creek will scale up to run at more than 40tpd – a three-times increase over recent production rates (13 to 15tpd).

Over the five days from 13 to 17 September, 2018:- a further 10 tonnes of the vein material has produced 938.6g (30.2 ounces) of gold and765.9g (24.6ounces) of silver from 3,3814g of wet amalgam.Waste material from immediately beside the vein was also run through the ball mill on 16 September (38 tonnes) and 17 September (50 tonnes) for testing purposes, producing only 5.9g and 7.9g gold respectively.

Imo we just need better management, in July niuminco had to settle a case for approximately $21,000 with an employee, maybe that could of been avoided.

Everyone has become very negative with Niumincos future, Eddie creek is a good asset and a lot of money has been put into the area in a sort period of time.