Cleveland Mining Company Ltd (ASX: CDG) is pleased to announce...

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Chair-Face

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31/05/16

13:37

Post #: 17911749
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Originally posted by Elizabeth92 ↑

Yes this is just the Utilisation Guide (Trial Mining Permit) which allows Cleveland to remove 44,000 tonnes of ore from Lavra, for which pits have already been planned back in July 2015. They estimate it will take around 4 months to complete this work and at 14.4 gpt estimate extracting around 20,000oz less depletion by the grampios. Last drilling programme they thought around 30% depletion which if correct would leave them with 14,000 oz recovered in the 4 month period July - October. With $US150 top estimated production cost per gold oz produced and gold at around $US1,200 the figures look pretty good, even with 50% depletion it would be around $US10m profit.
The full mining license for Lavra is a way off I reckon but this should be a nice cash boost leading into Christmas. Getting cash in alongside the 20,000m three month drilling programme which will then identify the next extraction/mining targets once this Trial is complete.

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Cleveland Mining Company Ltd (ASX: CDG) is pleased to announce that it has been granted the Environmental Permit (Installation Licence or LI) required to commence mining related activities at the Company’s O Capitão, Lavra project.

Correct me if I'm wrong but Seems to me they have been granted the environmental permit. Not a mining license. I'm Not sure what the difference is. Like I said though- still a move in the right direction for sure.
CDG Price at posting: 6.1¢ Sentiment: Hold Disclosure: Held
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