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Ann: Operational Update from the Old Pirate Gold Mine, page-75

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markh1960

494 Posts.

22/09/15

12:33

Post #: 16035936
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Originally posted by markh1960 ↑

I just realized looking back over the report, that there is another 10,600 tonnes of ore already mined still needing to be processed.

39,000 tonnes mined, 28,000 tonnes processed

So
6749 oz produced to end of August
1,700 poured in Sept so far
10,600 tonnes of ore to process x 9 g/t (mixed grade average) =
3076 (still being processed)

Total = 11525 oz
x $1550 Avg POG
= $17,863,750 cash flow
about $5.5m profit.

We estimated costs to be in the order of $13m this 1/4 due to start up expenditure outlined.

Normal 1/4 cost forecast per oz is $850

Plus what ever is mined and processed this week, will need to be added.

Cost normally would be about $3m lower for the same amount of oz. (bodes well for the next 1/4).

A normal full grade production 1/4 needs to produce about $10,500,000 profit, to be at forecast, or process 15,000 tonnes at a cost of approx $13,250,000.

Regards Mark H

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Oops should have read this at the end

A normal full grade production 1/4 needs to produce about $10,500,000 profit, to be at forecast, or process 15,000 oz, (37,500 tonnes) at a cost of approx $13,250,000.

This 1/4 was always going to include a significant amount of the test run ore and have start up teething problems.

Regards Mark H

ABU Price at posting: 21.0¢ Sentiment: Buy Disclosure: Held
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