Ann: Restructure and Refinance plan, page-90

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20/03/19

17:16

Post #: 37827969
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Originally posted by D1326 ↑

Just reading though old ORS posts and everything was great, company was very good in updating unlike CTL, however on 26 Nov 2014 they reported in reference to Union Hill

" During the September Quarter we processed a 4,000 tonne bulk sample of underground ore and were shocked by poor reconciliation in grades between mine and mill data with only 3g/t Au recovered compared to mine estimates of 10.9g/t Au (uncut) or 5.5g/t Au (applying a 20g/t Au upper cut)

The ultimate outcome was that over 380 ounces of forecast gold production not realised for the Quarter, or over $0.5 m in lost revenue. This shortfall significantly impacted our financial position and eventually led to the second recently closed capital raising.

In response to this poor reconciliation in grade we have completed a thorough review of mine and mill operating performance including, a detailed assessment of underground face channel sampling procedures and data, an independent audit of the mill metallurgical processes and accounting, an independent audit of the mill security, and a thorough investigation to test for gravity gold traps in the milling circuit.

At the end of this review we still didn't have a clear explanation for the poor reconciliation between mine and mill data, but committed to improving processes and procedures and developing, mining, and processing a second bulk sample from the 1800 level to better assess the economic potential of the deposit.

At the same time we also sought to de-risk the operation. Discussions were held with various third parties that Ultimately led to our announcement on Monday that we agree to sell Maldon Gold Operation to A1 Consolidated Gold for $5.1m in A1 shares and attaching options"

It sounds like they were shocked at how little gold there was and did a thorough review but could not come up with an explanation and yet Rogers and Gray knowing all this when CTL was bleeding cash started mining again at Union Hill to only discover the same thing again.

Maybe that is why no one will admit to working at CTL

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Repeating the same mistakes all over again. There are two people involved with both companies. One is supposedly a Geologist.

Negligent to the extreme.

This will make good reading in the court reports, financial papers and mining industry news soon enough. All the small investors and small Self Managed Super Funds being taken for a ride. All the mum and dad investors.

CTL Price at posting: 0.9¢ Sentiment: Hold Disclosure: Held
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Ann: Restructure and Refinance plan, page-90

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Ann: Restructure and Refinance plan, page-90

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SPC to merge with Original Juice Co and Nature One Dairy

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