Cash $5 million Gold sales from pervious QTR $6 million Gold sales from Oct $7 million Total cash $18 million
Still not too bad and once they get more funds for both Carnilya hill and Bronzewing I can still see plenty of upside in this company.
Just remember the gold price is now around the A$870 and the price of gold is, what eventually make or break this company.
By the looks where the gold price is going we should do very well out of VRE once these finance problems are resolved. The ramp up process of bronzewing should go now according to plan with higher grade ore going thru the plant.
Carnilya hill is in safe hands with Mincor a longstanding favourite of mine, being in charge of the mine. Even the Nickel prices have found new support and will bring some nice returns at current levels.
In the meantime exploration is happening as we speak to add to the gold resource and the first JV agreement has been signed.
I still believe that TC is doing a great job and that once the extra funding is on hand he will turn this company even more in the right direction and towards a growing gold and Nickel producer that returns a nice profit at the end of the year.
And for those who do still not know most companies have problems when they first start up mining and milling operations. Just look how PNA did when they first opened the Phu Bia gold mine. It was a disaster, but now the company is up and running with a share price nearly 4 times higher.
Ofcourse the problems with companies like PNA or BMA, Bendigo and the likes are very different from VRE, it does show that start ups are a challenge to most companies.
But even in a time of this and especially for a high cost producer like VRE we got a life line thrown at us and that is the ever rising gold price.
This will as I said before eventualy save our investment and give us possibly some real good returns.
Ofcourse this is imho only and I advise you all to do your own research.
jojo
VRE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
