Yes it is African Barrick's old mine. First, STAMICO is going to bleed TRX of as many payments for failure to commission the mine as they can. Since I don't think TRX makes it 3 months let alone until next July, that number might be zero. Then they take over.
Biharamulo — THE official launch of gold bars weighing 25 kilogrammes by the State Mining Corporation (STAMICO), through its Stamigold subsidiary, on Thursday signified the first production of the precious mineral by a purely indigenous company and experts.
Bad news for Sinclair. Funny how the locals can produce gold and TRX can't. Take a look at the Stamigold web site and compare the pictures to the TRX leach field pictures. stamigold dot co dot tz
Then you will understand why it is ridiculous to think that TRX will have a first pour in September, October, or Q1 2015.
Why don't gold guys ever make realistic actionable calls? Perhaps it doesn't sell newsletters to put a $1,275 or $1,350 year end target.
Meaningless, this data should already be in the resource estimates. This is just for pit excavation optimization. You might want to wait to rejoice until TRX buys some equipment to dig the stuff out of the ground.
Please do share your calculations. Exactly how much tons are in a cubic meter? Lets just have some fun.
Assume 1 ton per cubic meter. 100x30x1 = 3000 cubic meters. 3000 m3 x 1 tom/m3 = 3000 tons x 1.5 g/ton = 4,500 grams * 40% recovery= 1,800 grams / 31.1 g/ troy oz = 57.87 ounces x $1,300 = $75,241. =8/100ths of a cent per share.
keepontruckin1 3:5 consumed the most koolaid
nigel 1:1 great technical analysis, always a buy, always an uptrend, double digit price targets
net1djm 2:1 a copy and paste champion, just like JSMineset
dtds 10:1 not enough devotion. Would be the 1:2 favorite if he posted more
macray 50:1 the koolaid has worn off but not the MD 20/20
goose 100:1 Too skeptical
mags 100:1 Dares to question and admits selling stock.
The field (hothers, lucy, tinker, tintin) 50:1 not enough brain power combine to remember the login code
Radix Malum 1000:1 the longshot can't risk jail time or the wrath of God.
If you listened to Mr. Kaniki at the most recent AGM, you would realize that he is not really qualified to do much of anything. As to Power, TRX has service to the Buckreef camp measured in kilo volts. They need megawatts to mine and process. If you were familiar with the metric system, you would realize that the amount of power required is at least 1000x greater than what is in place.
In February, TRX announced with great fanfare a JV with Allied Gold. With the AGM six months in the rearview mirror, lets follow the path set out at the time and see how far TRX has progressed.
Finance: JV Formation Q1 2014, still not complete
Finance: $15m DFS Equity Raise to commence June2014 Q2, show me the money! I guess it is hard to raise any cash without a JV agreement.
Resource: DD & RC resource drilling was supposed to commence in July. No cash = no drilling!
Feasibility: Pre-feasibility was scheduled to be completed in April Q2. I guess we know answer. The absence of a press release speaks volumes. Conditions certainly didn't improve with gold down 5% over the period.
Feasibility: A Definitive Feasibility Study was supposed to begin in July. No drilling = no DFS!!!
"Gold Production during 2015-2016"
This is what is known as a failure to launch. " on track for our first pour" is destined for the same fate.
17.4 Heap Leach
The possibility of utilising heap leach technology on the BRMA (Buckreef Main) and BZMA materials was investigated. Based on the metallurgical testwork, heap leaching is not recommended for the following reasons:-
heap leach of milled ore is not feasible and the RoM material would require agglomeration using lime and cement, thereby increasing operating expenses;
the sulphide component of the ore is unlikely to be amenable to heap leach and the recovery of gold would be adversely affected;
the oxide component of the deposits, which would be heap leach amenable, contains significant quantities of clay, which creates channelling and coating of the particles, rendering them impervious to cyanide leaching. If the RoM material has been milled to -75μm, better recoveries could be obtained through conventional CIL. The time to required to cashflow for heap leach gold is typically 120+ days and as such the economics of the project would be severely affected unless there were significant capital or operating savings associated with this option.
That is also why Sinclair hasn't successfully brought suit in a US court against any of his detractors. The First Amendment protects free speech and truth is an absolute defense to libel. US law also shields US citizens against enforcement of judgements obtain in foreign courts if the speech is would be protected by the First Amendment. That probably explains why Sincliar hasn't pursued any of his detractors in a Canadian court. You should be happy, because he seems like the sort who would gladly waste shareholder's money trying to avenge the damage to his ego.
If you mean the good old USA, we have the rule of law. That is why SInclair hides in plain sight up in Canada where they have less stringent reporting and disclosure requirements particularly for mining companies.
Ask and you shall receive. It took then a couple of weeks to write this masterpiece. "looking forward to" is the only language the lawyer Rosalind Morrow will let them use.
Still no power. Still no mining equipment. Still no processing plant equipment. Still no optimized pit plan. All you have is 12,000 sq ft of flat ground covered in plastic.
So in 4 months, the crack team on the ground in Tanzania managed to grade 4 football fields, put down about 4,000 cubic meters of clay, lay 12,000 sq meters of polyethylene and spread 228 cubic meters of gravel. The rate of progress is amazing, like a glacier.
Keep smoking. Here is the key phrase. "We are looking forward to commissioning the new carbon-in-leach and crushing equipment and hiring the remaining processing staff, raising our employment to over 100 people." Notice Mr. Sincliar does not say that we have ordered the new carbon-in-leach plant and crushing equipment or we have hired the remaining 99 processing staff. TRX is just looking forward to it. Conspicuously absent is a statement that TRX has begun training the processing staff. They are just fantasizing about it. Also absent is some language that might suggest that TRX ordered or purchased any mining equipment, things like articulated dump trucks and excavators. Big deal, Kaniki finally got his stop signs up.
BillD: As I see it (possibly), Van Eck knows what is going on and he wants to be a big part of it ... he picked up 7 million shares from the market from those who bailed ... Of all the people in the world who knows what they are doing... Van Eck should be near the top .... they have some $30 million investment in TRX ... geeze, that should count for something....
1 Sep 14, 16:16
BillD: Question, etched .... would you categorize Van Eck (with 14 million shares) an insider? How can he make out unless he is included in "my dear extended family" category?
First, GDXJ is a $2.7 billion dollar index fund. Even if they cared what was in the portfolio, TRX is a 1.25% position. It could go to zero and it only would have an insignificant impact on NAV. Besides there would be no tracking error. Second, GDXJ is a $2.7 Billion INDEX FUND. The job of the portfolio manager is to track the index. They don't do any fundamental research. They don't meet with management. As long as TRX is in the index, GDXJ will own it in proper proportion. Third, GDXJ has increased holdings of TRX because GDXJ has experienced $480 million of inflows since June 1. That means the fund has had to buy $6 million worth or 2.7 million shares of TRX. The math is simple $480 million of inflows multiplied by 1.25% portfolio weight. Finally Van Eck "makes out" by charging a management fee of 0.59% on those $2.7 billion of assets which equals $16 million per year.