the move has slowed Michelago broke to the upside when it hit some support around 9.3c but slowed down a little from then on ,
Strange things going on with the market depth ,it looks like somebody is holding the price at this level .
accumulating ?or capping ?
MIC 16 April 2004 QUARTERLY ACTIVITIES REPORT TO 31 MARCH 2004 MAIN DEVELOPMENTS Summary Michelago made excellent progress during the quarter in achieving its goal of becoming a major gold producer, explorer and mine operator in China. In particular, theCompany has completed complex negotiations to purchase an 82% interest in the BioGold Facility, Shandong Province, which is now the subject of a shareholder’s meeting on 5 May 2004. ******************************************************************* Based in eastern China’s Shandong Province, BioGold is already a producer with a profitable history and an estimated revenue for 2003 of approximately RMB499m (A$96m). Its treatment operations consist of an expanding bacterial-oxidation plant, producing about 70,000 oz pa from refractory ore, a cyanide-leaching plant, producing about 130,000 oz pa from non-refractory ores, and a 51% owned refinery that produces about 100,000 oz pa from dore, with around 250,000 oz pa directly attributable to BioGold. Assuming the realization of its 51% stake, Michelago’s share will amount to just over 125,000 oz pa.
MIC Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
