recent history

I thought I'd post a summary of MCO key announcements since Nov last year, including a summary of the two BRR presentations. (See below my questions)

Reviewing past news raises a few interesting questions:

* During April/May this year "426 tonnes of previously stockpiled ore has been processed" .... So what were the recovered ounces?? Some indication of g/tonnes would be nice. Plus there was an additional 483 tonnes of ore produced on top of that ... did they run it through the mill also? At the low estimate of 5g/tonne, 900 tonnes is a quarter million dollars ... And who knows? We could easily have hit significantly better ounces.

* The various announcements imply that a fair amount of the drilling program should have been completed by end of May, but not announced. All prior drilling was good news ... be nice to see these final results.

* Donaldson reef highlighted back in Nov 2011 as good for "years of production" and only needing a 14m riser for access. This is the main reason I hung onto this stock ... I can only assume the mining plan followed through on a better development path ... which leaves me back at my first question ... what gold/ounces were achieved before the trading halt?

* Finally, just repeating the stuff everyone has been asking, and guessing from Flickr pictures & company web-site etc ... Is the mine/mill on care & maintenance? Do we still have key operational staff engaged (somehow)? No point asking about raising capital ... NG looks to still be actively working on it.


**** Summary of News ****

28th November 2011 - BRR Presentation

* MB noted the area has over 700,000 ounces of underground resources (mostly inferred).
* In production and hoisting ore at Morning Star Mine
* Trial stoping at Rose of Denmark
* Near-term production in Morning Star to focus on 6 areas: Dickenson (current), Maxwell (current), Burns, Perkins, Cambells, Kennys.
* Also the Donaldson Reef highlighted by both MB and NG as offering several years of production, and access only requires a 14m riser from existing workings. (Noted that 10 drill-holes recently completed through Donaldson).
* Area in Morning Star of most interest is the "gap zone". The 27,000 m of planned drilling (starting with the gap zone) will run from Dec/Jan through until May/June.
* Other prospects for the drilling plan include Garibaldi, Waverly, Hunts, Reliance, Wallaby, Loch Fyne, Rose of Denmark.


15 March 2012 Announcement - MCO to receive $10M funding boost from Chillee Ltd.


4th May 2012 BRR "Morning Star Achieve first Gold Production and Sales" (Commentary on March Qtrly Report)

* Gold sold from test and trial work on the on-site gravity concentrator
* Two concentrate products are produced, up to 1% gold and around 8% gold.
* Currently have access to 6 mining stopes and are active in 4. Mention was made of Donaldson, Dickenson, Burns (noted as high grade ore source), Maxwell, Tills and Stones.
* Tills & Stones had been added to the mining plan, after mining through a Tills intersection with Maxwell showed nice grades, and an earlier drill result from nearby Stones was reviewed.


30th May 2012 Progress Report - Production

* Since the end of March an estimated 483 tonnes of ore has been produced and 426 tonnes of previously stockpiled ore has been processed.

* Kenny Reef & Donaldson Reef - "Ore production is expected to significantly increase ... in coming weeks and months." Donaldson to be accessed from 2 level towards the enriched eastern end of the reef. Additional significant drilling results for Donaldson's also noted.

* Burns, Stone, Tills Reefs - Have been mining these since end of March. Recent grab-samples from Burns returned 1,341 g/t and 5,408 g/t, but the reef is highly laminated and thin in parts.

*Dickenson Reef discontinued due to low grades, and Maxwell pillars being mined on retreat.

* "A drilling update for Morning Star and for Rose of Denmark and Hunts will be released within 2 weeks."


7 June 2012 Trading Halt Announcement - $10M funding from Chillee Ltd terminated.