"...It is more realistic that 50% will be recovered..." From...

"...It is more realistic that 50% will be recovered..."

From 'The Portia Tailings Unrecovered Gold - The Hidden Asset' dated 16 January 2019 by co-founder Bob Johnson (see pdf at Post #: 37162801):

'The cost of re-processing the tailings could be a few dollars per tonne. It would be most efficient using a Carbon-in-Pulp tank circuit which would usually recover >95% of the gold.'

My 'back of the envelope' calculations of the Gold Tailing Revenues (100% basis) estimated 21.5koz of Tailing Gold ounces under the MID scenario (assuming 1.06g/t from 570,000 tonnes).

This compares with Bob Johnson's thorough, learned estimate of gold in TSF (tailings storage facilities) of 21,543 ozs (assuming 1gt/t from 670,000 tonnes).

Note that I ran with gogo1’s initial calculations, which used a conversion factor of 28g per oz. The correct conversion, which Bob Johnson used, is 31.1g per oz. Using this factor would bring my estimated Tailing Gold ounces under the MID scenario to 19.4k oz. Bob Johnson’s figure is higher as he assumed ‘another 100,000 tonnes was added to the tailings before processing at Portia ceased during August 2018’.

From the RESET letter (undated) by Bob Johnson:

'It is now self-evident that the Board and Management have caused the Company to lose its way. Havilah’s mineral assets and its future development potential are exceptional. However, in my considered opinion, the existing Management has wasted large sums of shareholders’ funds, and not advanced Havilah’s projects in any meaningful way. They are simply not up to the task at hand.'

DYOR