PRX 0.00% 0.2¢ prodigy gold nl

I found one for you FMX which comes close. I remembered this one...

  1. 13,745 Posts.
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    I found one for you FMX which comes close. I remembered this one from when I was researching heap leach operations in Australia last year.

    White Dam is in South Australia.

    "White Dam resource (which is depleted to end of mining January 2012) was re-estimated in October 2010 with a cut off grade of 0.3g/t."

    It was a successful mining operation and has an average grade of 0.9g/t at 0.3g/t cut-off but is much smaller scale than Buccaneer with the resource currently at 87,000oz mining ceased in Jan this year after it was effectively mined out. Mining moved to the Vertigo deposit which has 82,000oz at 1g/t.
    “Mining at Vertigo commenced in January 2012. 586k bank cubic metres were mined comprising 356k tonnes of ore at 0.66g/t and 1.1m tonnes of waste, for a strip ratio of 3.2:1. Mining at Vertigo concluded in early May 2012. Approximately 65% of Vertigo ore was crushed to improve recovery rates. All crushing and stacking was completed on the 28 June 2012.
    Gold production is expected to continue until the December Quarter 2012.
    Buccaneer is huge by comparison so a 0.2g/t cut-off and 0.65g/t looks very reasonable. That is the same grade as that reported above for Vertigo but Vertigo is on a much smaller scale.
    People should do their research before accusing management of misleading investors.
    “The White Dam Gold Project is located in South Australia approximately 80km west of Broken Hill. The project was developed as an unincorporated joint venture between Exco and Polymetals Mining Ltd (ASX:PLY). Project financing was provided by Barclays plc through a gold loan facility.
    Since pouring first gold in April 2010, production rates and margins from White Dam have been well above expectations. The project has produced in excess of 130,000oz of gold to date.
    In November 2010 the Company announced that it had completed the required gold loan repayments nine months ahead of schedule. A combination of better than expected production outcomes and higher than envisaged gold prices had allowed the loan to be repaid after only seven months of production.”
    http://www.excoresources.com.au/south-australia.htm

    "And I can argue it can be mis-leading to report a range of COGs without justification."
    I believe an operating mine is justification enough for what ABU reports as jorc for Buccanner especially considering its very large economies of scale advantage over White Dam.
 
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