the move has slowed Michelago broke to the upside when it hit...

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.
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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.