- Overview of actions and news from last 30 days:
- Appointment of an eminently suitable Chairman in Colin Jones
- Cessation of expensive Garrison Capital contracts.
- Cash at end of Quarter $32,206,000
- Total spend for all major plant items $6,000,000 (leaving the best part of $30 million towards construction etc)
- Finalisation of Blackrock Royaly funding contract for $12 million.
- Banco Votorantim internal approval of $30 million and advanced in syndicating balance of $28 million project funding.
- 4 priority targets identified for the upcoming exploration program.
- Upper section of Antas North deposit Mineral resource of 147,000 tonnes of Copper @ 2.45% and 93,000 ounces of Gold.
- “The Company has been granted all approvals necessary for issue of the Mining License…”
Each of the above points is worth an entire thread on its own but I don't have the time right now. The last point is the most salient of all for the short term thinkers.
Also of keen interest to me;
"Grinding and flotation characteristics have been confirmed with locked cycle flotation tests (
which are regarded as closely simulating industrial operations). Very encouraging results include:
>94% copper recovery for 28<30% Cu concentrate
>98% copper recovery for a 26<27% Cu concentrate
>90% gold recovery for ~0.7g/t ores decreasing ~88% for lower gold grades"
The above with a 0.9% cut-off and that lower grade ore will be used to build the ROM pad which means if copper goes up in value the sub 0.9% material could become economic as well. Don't forget we have only investigated the top section of the ore body....there is definitely further ore,quite possibly a lot more.
For those getting nervous it is well worth while reading the quarterly again...and again. The management team are very busy even if it is being communicated in a very succinct fashion. So while they don't make enough noise about it they are very definitely getting on with the job.
Sentiment: You'd be totally bonkers to sell ;)
