MAY - FIELD REPORT 5-31-11
(special thanks to gemstone57 for spotting it first!)
General
For shareholders who are unaware, the latter part of the month of March and to some extent the month of April saw a fuel crisis grip Sierra Leone. While this happens from time to time, this particular occurrence was unusually long. This issue combined with the fact that government increased the price and changed from the imperial (gallon) to the metric (liter) system complicated things further. It interrupted both our dredging and agricultural activities as well as increasing operational costs. While the company keeps a 200 gallon reserve, at a 50 to 70 gallon per day consumption rate, the reserve is quickly depleted.
In anticipation of the rainy season setting in over the next few months, the company has explored some feed/tributary rivers that show promise for continued dredging operations during these months.
Mining
4 dredges currently in operation - Zimmi (2), Bo (1) Yele (1)
Land based artisanal operations are ongoing at various sites
Currently all operations are producing 1-2 oz per day with an upward trend
Down payments have been made on a variety of equipment to enhance mineral recovery in river sites where sand overburden is over 20' in depth and constantly shifting.
Further dredging sites have been acquired and are in the process of being licensed for next year’s activities and expansion.
Agriculture
Last years harvest was fully completed in January. The gross value of all crops was estimated at $45,000.
Plowing and subsequent harrowing is underway. The company aims to have 3,000 acres under cultivation this season.
Last seasons harvest will cover all seeding. The excess is being sold and will be applied to fertilizer costs.
The peanut planting has commenced and to date 30 acres have been completed.
This season we plan to double the peanut and rice crops.
A second tractor has been acquired which the company had completely refurbished and is now operational and in use.
The company has optioned a significant increase in acreage both in the north and the south of the country for future expansion.
Carbon Credits
In the reporting period we continued our work on the Project Design Document’s and began making contacts with potential buyers of carbon offsets.
In concluding this report I would like to thank all our shareholders for the support, constructive thoughts and advice, comments good and otherwise. We are a small but growing company and a lot of larger organizations are taking note of our activities and potential.
