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05/02/25
20:53
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Originally posted by bungalowbill:
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The gold price was rising, why didn't they continue processing the ore on the rom pad . I think it likely they were only interested in the mineralized section at the bottom, which is what they processed., and then they left the overburden on the Rom pad . Anyway why did they stop digging & processing , that is the reality, they just abandoned it . If they had intended to mine it, why did they cease .There has never has been an explanation . This is a year or two ago now. There were no grades given to shareholders on the mined section . I remember they just dug the decline , stated processing , then just stoped mining giving no reason. How are we supposed to know their reasoning if they don't tell us ? They may have realized it was uneconomic to mine , who knows? At the time I don't remember any mining analysis of ore mined & gold obtained. I assumed that it was uneconomic , who knows. We would need to know how much it cost to dig and move that amount of ore & how much gold was obtained . Their was no cost analysis presented to shareholders . They did a capital raise and shareholders paid for it anyway. That is , the shareholders paid for the Gekko plant and the mining. No one knew they were going to cease mining & there was no post mining cost / benefit analysis. What is telling is it took a long time for them to say they had sold the gold and for what value . Do people remember the back yard processors, who had the vague business credentials . Shareholders commented on it . So the company has never explained why they ceased mining & for what reason they are selling the project. I personally would like to know if it is because it was uneconomic to mine, especially without a proper fixed plant, not some 'dinky toy' relocatable modular plant. It is not the shareholders fault , if the company didn't know what they were doing.
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Don't forget Bill that time when they did that bit of trial mining & then they tapped the shareholders for more money in one of those cap raises "to go into full production" & proceeded to buy one of the family members this $250,000 vehicle