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Fair call.I should clarify I was referring to the process they...

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Nicster22

289 Posts.

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30/08/23

06:15

Post #: 69625360
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Originally posted by lindentree: ↑

re: auric's $5million gold recovery...

you shouldn't use the auric example as a model for good management...i've been following their progress for a long time, and i'll be very surprised if they make much money out of the first bars, carting ore to coolgardie for a recovery of 1.47g/tonne.

i know rez at menzies used the same mining company, had similar hard rock mining and were carting higher grade ore (2.4g) a shorter distance from menzies to kalgoorlie and they would have lost money at 1.47g/tonne.

the auric story isn't complete until they say what their costs are and what their 50% share of the profits are, (could be as little as $300,000), but at least it will give some idea of how much they can make from the full mining operation, without room to fudge figures, unlike at kat gap... until the full story is told, i cant see any difference between the pictures of dean goodwin and auric's mark english, there's an element of deception in both photos.

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Fair call.
I should clarify I was referring to the process they had used to get the gold.

CLZ Price at posting: 0.1¢ Sentiment: Sell Disclosure: Held
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