March Production, page-5

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Humphrey2017

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28/03/18

10:59

Post #: 32081911
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Originally posted by jimone ↑

Well, someone had to mention it, Faulty Towers "don't mention the war" for those old enough. I do not think it is going to be anything to get excited about, they where thinking 1500 ton for the month, but with the second shift just starting that could be well below. With no update on HM3 since it swung into action, it is all guess work, but seeing as how they conducted the placement before the numbers are out, it will probably not be good. I think they will have only managed half the 1500 ton and achieved grades of between 5 and 10 g/t, so it could be around 200 oz for first month of production. The lack of any numbers form the company does not fill me with confidence at the moment, who knows what problems they unexpectedly faced in commissioning of the new mill.

Even if I am right, most times not though, and providing they have got the bugs out, with the second shift starting I think they have, next month could be a good one. For a company that seems to be in that big of a rush to get good news into the market that it constantly trips over the ASX listing rules and needs to correct themselves, silence on such an important step in the recovery of the company does look to be a good omen IMHO. Happy to be way of, but personally I am not as confident as I was a month ago.

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Hey Jim, we can do at least 125 tonnes/day with our current hammermill (on a single shift!) - that is 12 working days... I think that you will find that they are probably already well over the 1500 tonnes.... now it really depends on the final recovery rate % (after commission) and the grade (15 grams/tonne or more? - top 10 mines here we come)... anyway I suspect we will find out after Easter...

OGX Price at posting: 11.3¢ Sentiment: Buy Disclosure: Held
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March Production, page-5

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Fenix Resources to start mining iron ore at Shine, nearly doubling production despite price pressure

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