Share
8,331 Posts.
lightbulb Created with Sketch. 913
clock Created with Sketch.
27/04/16
22:10
Share
Originally posted by bobminer
↑
Here are a few questions i intend to put to management at the 9th of May meeting. Most have already been forwarded to ARISAG. To give them forward notice as to the list can the Arisag team please forward the list to ABU.
(1) Have preliminary studies been carried out as to the viability of an underground mining operation at the Old Pirate complex. Considering there are 7 individual reefs in close proximity to each other including Central Zone, Western Limb, Old Pirate South, Heartland, Eastern Limb, East Side, S,E. Veins & possibly Bermuda.
(2) Have enquiries been made to various mining contractors as to costs per metre of decline & strike drive development including long hole stoping. Has a mine development plan been formulated. Have preliminary tenders been called for. Are you Brett ( Lambert ) up to date with modern underground narrow vein mining techniques, given that in the last 20 plus years your involvement in the industry has leaned towards exploration, open pits & bulk mining.
(3) What is required to upgrade the onsite gravity plant including the primary crusher. Have any steps been taken to investigate building into the circuit various centrifuges & a possible pressure leach tank to improve gold recovery & purity.
(4) To date what has been the overall cost per ounce produced since the commencement of full scale mining excluding the trial mining phase. A detailed breakdown of costs including Mining, Transportation,Milling, Administration would be appreciated. The follow on question would be. If we have been mining at a loss over the period of the various operations. Why was the operation not shut down immediately this became apparent to preserve capital.
(5) Why if the company was experiencing a cashflow problem were the nearby satellite deposits not mined on a small scale to a depth of 4/5 metres utilizing a blast hole rig & excavator only.We have been led to believe that some are exposed on the surface. These include but not confined to, Buccaneer high grade & Vampire. Costs & remedial rehabilitation would have been minimal for a very fast & profitable return on tonnes mined & ounces produced.
(6) Is the proposed exploration program going to concentrate on greenfields exploration or to expand known discoveries including Hyperion, Buccaneer & Vampire.
(7) A glossy brochure was received by shareholders dated 19/02/2015 outlining the future direction of the company. As we now know this document was found to be wanting on multiple levels which has left many long term holders bereft of capital & for some their planned future. At that time the share price was around 30 cents. Since that time we have mined X amount of gold & have experienced a massive deterioration in the share price. The question which was never answered at the AGM is who was responsible for this debacle. If it was DHs alone then what is the justification for directors being paid a stipend. This question will be directed at Richard Proctor as he is one of the few that still remains.
(8) Who made the disasterous decision & the $millions spent to get involved with the Coyote plant & why, as many investors joined the company on the grounds that we were in a very financially secure position & the company would grow organically. Why did this change & why were shareholders not informed until after the fact.
(9) PRC invested $20 million into ABU. The reason given was this would finance a major drilling program. This did not happen & the money has frittered away. How & Why?
(10) What would be the cost of buying & constructing a 1-2-3 million tonne per annum state of the art mill at Buccaneer.
That's me, but if anyone would like to add some more feel free to do so.
GLTA we need some.
Bob.
Expand
Take a few steps back Bob.
What about handing the Old Pirate data over to an independent 3rd party to generate an updated JORC 2o12 resource that encompasses all the recent data from mining (mapping and GC sampling).
In fact, I would engage two separate independent 3rd parties to work on the same data set and review the variance.
While they're at it, also look at Bucaneer because from memory they used an implicit modelling technique which is useful for targeting, but should never be used for resource estimation.
See what we actually have here compared to the fluffed up numbers DH generated. It would be a very interesting exercise.