In February 2012, the Company
feasibility study on its Taylor Project and subsequently filed a NI
101 technical report. The technical report applies to the
West Porphyry Zone
”) only and o
Probable Mineral Reserve
of 985,000 tonnes at an average grade of 5.45 g/t Au
for a total of 173,000 ounces of
contained gold within
STADF received approval from Ontario today for their Taylor Mine Production Closure Plan [MNDM] and are now allowed full scale commercial production re "risk and time frame" gl
We’ve positioned ourselves now to transition safely meaning that our revolver would be undrawn when we complete the Woodville development work.
What gasbag is trying to say is that Auramet loan facility is being withdrawn by Auramet as only "security" they have is Lode's contractual obligation to deliver all metal production to them.
little to no metal production=little to no security=little to no willingness to lend by Auramet.
Verilease "owns" lode's production facility and thus have "security" but leave lode with nothing to use as loan colateral. gl gl
The Company's cash position of $10.4 million at September 30, 2015 improved in October 2015 by a C$6.0 million private placement of common shares and warrants with Goldcorp Inc. and by sales of 8,178 ounces of gold. The Company has a $10.2 million loan facility maturing on December 31, 2015, and the Company is negotiating with the lender to extend the maturity date over fiscal 2016.
TDG has been producing at 100k oz/yr rate but admit that continued operation with gold price of less than $1250/oz is no longer viable from current OP heap leach project- something that Lode has only tacitly admitted by no longer looking to mine OPs.
While both companies have working capital problems, TGD admits as much while Lode claims "well-funded".
Look for Lode to pump "selected high grade intercepts" when current UG drill results are released in the hope of doing another but much larger share dilution later this quarter. gl
Several months advanced but similar. gl
Mining activities relating to the underground pilot program were completed in September with 451 meters of ramp and vein drifts developed. The pilot program successfully confirmed the rock quality, morphology and continuity of the mineralization and the associated costs of exploitation. A total of 757 ounces were placed on the leach pad contained in 8,064 tonnes. Additional work and evaluation of continued underground activities and mine design are currently under review.
You seem to suffering from gasbagitis clay-"Some of those requirements include safety plans which may need to be submitted ahead of time but that is not a permit requirement."Needs to be submitted ahead of time" sure sounds like a "permit requirement".
True though that small- time cash-strapped miners often don't file full feasibility studies [SFEG comes to mind and their now bankrupt operation was similar to what Lode is proposing UG] gl
Q Your october website promotional material shows Dayton exploration through 2016 with potential of production permits being received for H2 2017. Why bother?
A We've drilled and completed scoping studies of highest grade drill-indicated in situ potential OP material on both east and west Lucerne without a hint of economic viability. It's also doubtful that we'll be able to raise enough cash to attempt "big boy" exploration to follow up on the mickey mouse drilling completed earlier this year on Dayton.
Q Many competent cash-flow positive miners with substantial net cash are trading at less than 1x book value while you've been trading near 5x your $.13/sh value and have a horrendous cash-eating history. WUWT?
A We have a special breed of acolyte as shareholders, faithful adherents to the Gospels of St Gasbag and no earthly evidence can shake their faith.gl
Your bluster is only fooling yourself clay, comprehensive technical reports regarding gas [radon,methane] dust [lead,arsenic,cadmium,mercury], diesel fumes etc will need to be part of "ventilation proposal" done to feasibility level before commercial exploitation permits could be granted. gl
Radon is a radioactive gas associated with uranium mining and with several other underground mining industries. Radon daughters are fine solid particles which result from the radioactive decay of radon gas, and are hazardous because of the alpha radiation, or alpha particles, which they emit.
From MSHA website, Federal health and safety bureaucrats who will be involved in Lode UG permits if they ever advance that far.
So necessity of "radiation reports" is very likely true. gl
Correct you are mrql, Lode's quarterly expenditures have averaged nearly $7m/q this year with drawdown of cash and current assets [$2.8m], net borrowing [$1.6m] and production revenue [$15.9m] providing the cash.
cash to begin q4 [$2.5m] equity sale [$6m] production revenue[$1m?] would leave them with same dire straits $2.5m that q3 ended with even if lenders don't begin to force accelerated debt repayment due to no visible production revenue. gl
Q Is it true that OP ounces that have been mined from W Lucerne patents were cherry-picked high grade 2 million tons @ undiluted in situ grade of .07 oz/t
A We didn't want investors monitoring our reconciliation and depletion rates while we bulk mined erratic low grade material from which we converted average of only 40% due to our poor understanding of our geology,imprecise drilling,blasting and loading so mine plan and annual updates have always been our secret,but we did cite improvements in all these areas as " stacked grade" improved to .04 oz/t as OP mine life was ending. gl
The Company had net losses from operations since 2012, and an accumulated deficit of $193.1 million at September 30, 2015. For the three month period ended September 30, 2015 the Company realized net loss of $4.3 million and generated $0.4 million of cash provided by operations. As of September 30, 2015, the Company had current assets of $5.1 million (including cash and cash equivalents of $2.5 million) and current liabilities of $12.8 million.
$6m fundraiser was insufficient for elimination of "well funded" working capital deficit. Remarkable. So with next to no recoverable ounces in the foreseeable future continued existence becomes tenuous. Doubly Remarkable.
From Q3 10Q filed friday after the market close. gl
Further regarding the Chute Zone, Behre Dolbear stated, “this intersection zone hosts elevated grades of gold and silver that consistently average 0.095 ounces of gold per ton over drill intercepts of 45 to 270 feet and has mapped dimensions of 100 to 150 feet by 100 feet by 450 feet”(p. 4). Although early in its development, and still open to further resource development on most sides and at depth, the Chute has already quantified almost one-half a million tons of mineralized material. [less than 50k in situ]
No results since BD to change assumptions but gasbag has chosen to misrepresent "selected high grade intercepts" as " expected average grade".
Wait and see if this promotional ruse persists when assay results from current drilling are released. gl
Q Production gap?
A No, no, no always planned this way by management genius- accelerated production
Q So no production means accelerated production?
A Terms that we use such as " accelerated production" "partnership" mean whatever we want them to mean.gl
Interesting that roughly 2/3 of 150kt cited in prospectus for Q3 was actually processed and that grade was only .021 rather than .025-.035 touted. gl
"Remarkable CC" filled with obfuscation and hyperbole was completed noonish at which time 10Q had yet to appear on edgar. Nov 15 is deadline for filing. gl
Yes whatis, september website presentation pg47 outlines expected events through 2017 and the only item suggesting production is the second one [mine dumps]. Maybe gasbag is getting honest but i'm still going to count the number of times he says "remarkable" and uses other superlatives to describe the mundane. gl
Thanks for the correction Clay as you are obviously more informed on Nevada mining regulation than I. Having the portal extend from private land does seem to preclude feds.
Permitted "area of disturbance" also seems only to cover private lands of W Lucerne where OP mining has now been abandoned with fed permissions starting at BLM required if mining ever occurs east of old road.
Agreed "it doesn't make much sense to keep churning through the lower grade stuff" which explains why future OP mining has been deferred until at least 2017. gl
Production permits aren't issued unless detailed technical reports are provided to regulators. Lode has yet to produce and submit such reports which would allow commercial exploitation.
Take OSHA as a regulator whose approval would be necessary before commercial exploitation of Lucerne UG could begin.
They would require comprehensive technical reports on ventilation [worker air quality] rock mechanics [worker protection from rock fall], hydrology [potential for flooding] to name just a few of the items that cya bureaucrats typically demand prior to issuing production permits.
But yes, they do have some exploration permits. gl
. Production has been ongoing in the Lucerne Mine since 2012, and the Company is nearing completion, this year, of the first phase surface mining activities, the SR 342 road realignment and the final extraction of existing mine dumps.
"Expert knowledge" is telling dizzy that all permitted sources of "ore" will be depleted at yearend with roughly 60k ounces having been produced from2012 up to yearend.
With only 60k permitted recoverable ounces in view how could anybody be dishonest enough to claim that 40k ounces would be produced 2014 and 80k ounces 2015?
How much of the laughable "3 million ounce" resource has been extinguished by completion of W Lucerne surface mining, 1/3 ?
How long will it take to define,mine plan and permit an ore source for 2016? Will they be able to fundraise enough cash to survive until then?gl