this gold co. up again on a down day, page-21

The question is, where the gold?

Back at the end of 2009, MCO had started stockpiling ore. This statement was made in the quarterly ending 31st December 2009.
"MCO noted its onsite ore stockpile was in the order of 6000T ranging from development grade ore to high grade ores from both Maxwell & Dickenson zones"

Then a media release statement on the 7.3.11 was made.

"Development ore was being feed into the plant. That ore consisted of high grade Maxwell reef ore and low grade (5g/t) dyke material"

So the minimum grade should've been no less than 5g/t. Just working on that figure alone and not adding high grade ores from Maxwell and Dickenson or adding extra stockpile ore that was added in the last 18 months, 6000 tonnes at 5g/t should yield around 1000 ounces. Why have we only seen 12 ounces?

Back in March 2011, MCO announced they produced only 12 ounces of gold and 3 ounces of silver. The last quarterly, no gold was produced however, an update on 29.6.11 said the following:

"Onsite gravity mill is now considered to be operating at designed throughput capacity"

How do they know this and where are the results? Is the mill running at 82-92% recovery as per the specs or is it still running below par. Tonnage is one thing and recovery is another. Are they still having trouble sorting free gold and sulphide material?

Why the need for cyanide leaching? Why did MCO say the following:

"Cyanide leaching trial at Gekko was said to be a success. The result of this trial means MCO can now schedule lower grade ores where necessary"

I thought low tonnage, high grade was the motto? Isn't there enough high grade ore to feed the plant? Why are they not feeding the plant with that ROD stockpile now? Wouldn't it be better to find any on-going problems with the plant now than wait for the winder to be ready?

Drill results at Reliance, Rose of Denmark and Morningstar mines have been disappointing to date. The "gap zone" was a very important target. The high turnaround of key personnel is also worrying.

Mamba, NG is buying again after sneakily selling 26 million shares for $6.6 million at the end of 09.

MCO for me, throws up more question than answers. Hopefully they can prove the critics wrong.