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« ...In April 2014, Sibanye exercised its option to acquire the Burnstone operation through a Business Rescue process..... »
»...
Key terms of the Burnstone acquisition
Unique circumstances, unique funding structures 5
Offer
• Sibanye acquires 100% of issued share capital of Southgold (sole owner of Burnstone mine and assets)
• All shareholder loans and inter-group loans against Southgold Offer consideration
• Payment of $7.25 million on completion of transaction
• Total debt reduced by 55% to $177.3 million, back-ranked to new funding and ring-fenced to and repaid from Burnstone free cash flow
« New funding
• Sibanye to provide up to R 950 million, over time, as working capital to support chosen production plan
• Sibanye loan attracts interest at JIBAR +4% (~9.5%)
• Sibanye loan to be repaid first:
• 90% free cash to shareholder loan; 10% to debt
Debt settlement
• On settlement of the Sibanye loan and interest, debt will be repaid from free cash flow:
• 70% to shareholder loan; 30% to debt
• moratorium on interest and capital repayments for 36 months from transaction completion
• Debt attracts interest at LIBOR +4% (~4.5%)
• Option to settle outstanding balances at any time without penalty
• Bank debt ring-fenced to Burnstone ... »
https://thevault.exchange/?get_group_doc=245/1471265156-update2016-04-burnstone-project.pdf
« ... Standard Chartered Bank together with Credit Suisse AG, who were principal lenders to Great Basin Gold, a listed Canadian mining company which owned two mines, one in Nevada and one in Johannesburg. Great Basin Gold and both mine-owning subsidiaries were placed, simultaneously, into cross-border bankruptcy proceedings: voluntary company creditors arrangement in Canada, chapter 11 bankruptcy in Nevada, and business rescue in South Africa. Prior to the restructuring, the South African creditors’ claims exceeded ZAR 11 billion.
The final restructuring involved the sale of the shares in the South African subsidiary to another listed mining group, the compromise of certain debt, the refinancing of other debt and the introduction of new finance facilities.
https://www.bowmanslaw.com/wp-content/uploads/2016/08/SL-Restructuring-2.pdf
« ... Still Beyond FRUSTRATING! Regarding the Burnstone Gold Mine!
http://www.saimm.co.za/saimm-events/upcoming-events
“...Note: Business Rescue should generally end within three months, or an extended time as granted by Court on application by Practitioner
Beyond Frustrating http://web.archive.org/web/20120817013309/http://www.greatbasingold.com:80/burnstone.cfm
http://web.archive.org/web/20120817013305/http://www.greatbasingold.com/assets.cfm
http://web.archive.org/web/20130323111047/http://www.greatbasingold.com/burnstone_team.cfm
Welman v Marcelle Props 193 CC & Another (2012) JOL 28714 (GSJ)
“business rescue proceedings are not for terminally ill close corporations. Nor are they for chronically ill. They are for ailing corporations, which given time will be rescued and become solvent”
Quote:
”... Claire van Zuylen, Partner at pan-African corporate law firm, Bowman Gilfillan, which acted for Standard Chartered Bank in London and Credit Suisse (AG), commented, “The restructuring will result in some 2 000 employees, who were initially retrenched in 2012 when the Burnstone mine went into care and maintenance, being re-employed at the mine when operations re-commence.
“Without the input of the secured lenders, Credit Suisse and Standard Chartered Bank, in terms of advancing post-commencement financing and permitting the unsecured creditors a dividend that they would not otherwise have obtained, Southgold would have been forced to commence liquidation proceedings.”
South African company Southgold Exploration is a wholly-owned subsidiary of Toronto-based Great Basin Gold (GBG) Limited, which is an international mining company engaged in the exploration and development of gold properties. Southgold’s principal asset is the Burnstone mine in Mpumalanga.
During August 2012, GBG suspended active production at Burnstone in the hope of selling the mine in order to settle creditors. Seeking protection from creditors in the interim period, Southgold filed a resolution in 2012 placing itself in business rescue, and commenced proceedings under Canada’s Companies’ Creditors Arrangement Act, which is the equivalent of South Africa’s business rescue proceedings.
Standard Chartered Bank and Credit Suisse worked closely with the business rescue practitioner appointed to supervise Southgold, and advanced significant post-commencement financing to enable the successful business rescue, which included restructuring Southgold’s debt and equity.
According to Ms van Zuylen, “The restructuring had cross-border implications in that it involved the restructuring of debt owed to Canadian, Swiss and English creditors in addition to South African creditors.”
The restructuring involved banking and finance law, insolvency and restructuring law, corporate law, litigation and mining law issues. Documents were governed by English law and South African law (prepared by Bowman Gilfillan), and Cayman and Swiss law (drafted by local counsel).
The Bowman Gilfillan team comprised: Lionel Shawe and Lisa Botha (Banking and Finance), Claire van Zuylen and Sizwe Msimang (Insolvency and Restructuring law), Alistair Collins, Marc Pinchuck, Candace Hennessey, Johan de Wet, Ingrid Sinclair, Claire Tucker (Mining and Regulatory), and John Sahli and Clement Mkiva (Litigation).
http://www.polity.org.za/article/business-rescue-of-southgold-gives-mine-a-new-lease-on-life-2014-08-07
http://www.miningweekly.com/article/successful-southgold-business-rescue-precedent-setting-lawyer-2014-07-03
http://www.blakes.com/English/WhoWeAre/FindPerson/Pages/Profile.aspx?EmpID=101619&format=PDF
http://services.bowman.co.za/Brochures/PracticeAreas/Restructuring/Restructuring.pdf
Where is the South African Business Rescue?
“...Where is the GBGLF business rescue... How were the shares restructured? If at all?
Quote:
SOUTHGOLD PROPRIETARY LIMITED
>Southgold was a member of the Great Basin Gold (GBG) group of companies with its main business of mining exploration
>GBG was a Canadian company listed on the Toronto Stock Exchange
>Company is the owner of the Burnstone mine – Mpumalanga
>Southgold was placed under business rescue on 14 September 2012, pursuant to a voluntary resolution passed by the board of directors and Peter van den Steen was appointed as the business rescue practitioner
>Provision of post-commencement funding by secured lenders
http://www.tma-sa.com/events/tma-sa-conference-2015/80-13-35-pm-jared-n-and-eric-l-werksmans-attorneys/file.html
Quote:
SOUTHGOLD PROPRIETARY LIMITED
>Conclusion of a restructuring and support agreement between the business rescue practitioner, the secured lenders and the noteholders
>Transaction structured as a –
>restructure of Southgold’s shares in certain subsidiaries
>transfer of intra-group assets to Southgold
>sale of the shares in Southgold to Wits Gold for R1
>restructure of Southgold’s debt and security to the secured lenders. Debt to be repaid over time
>payment by the secured lenders and Wits Gold of amounts to be made available for payment to noteholders and trade creditors upon closing of the transaction
http://www.polity.org.za/article/business-rescue-of-southgold-gives-mine-a-new-lease-on-life-2014-08-07
Quote:
One of the biggest and most complex business rescues brought under the new Companies Act of 2008 has come to a successful conclusion, in the process saving jobs and highlighting the important role that banks play in business rescue proceedings.
Southgold Exploration, which filed a resolution in 2012 placing itself in business rescue, had its business rescue plan approved by creditors on 11 July 2013, which ultimately resulted in the company terminating its business rescue on 1 July 2014 so that it could continue to operate.
Claire van Zuylen, Partner at pan-African corporate law firm, Bowman Gilfillan, which acted for Standard Chartered Bank in London and Credit Suisse (AG), commented, “The restructuring will result in some 2 000 employees, who were initially retrenched in 2012 when the Burnstone mine went into care and maintenance, being re-employed at the mine when operations re-commence.
In 2013 « ... JOANNESBURG (miningweekly.com) – South African gold explorer turning producer – Wits Gold – is acquiring the out-of-pocket Burnstone gold mine on excellent terms.
Wits Gold CEO Philip Kotze told the media on Monday that the proposed acquisition was providing the company with an ultra-low-priced shortcut into gold production.
http://www.miningweekly.com/article/burnstone-2013-07-15/rep_id:3650
http://cfcanada.fticonsulting.com/GBGL/docs/GBGL%20First%20Report%20of%20the%20Receiver.pdf
http://www.miningweekly.com/article/sibanye-to-push-burnstone-restart-from-zero-base-2014-06-06
https://www.sibanyestillwater.com/our-business/southern-africa/projects/burnstone
« ...South Africa: South Gauteng High Court, Johannesburg
http://www.saflii.org/za/cases/ZAGPJHC/2013/33.html
« ... In the application of:
CREDIT SUISSE GROUP AG........................................First Intervening Party
STANDARD CHARTERED BANK..............................Second Intervening Party
(Reg. No.: 2003/020177/10)
IN RE:
The Ex Parte application of:
PETRUS FRANCOIS VAN DEN STEEN N.O..............First Applicant
SOUTH GOLD EXPLORATION (PTY) LIMITED
(in business rescue).......................................................Second Applicant... »
« ...BURNSTONE GOLD MINE (PTY) LTD +27(079 086 9159)
BURNSTONE GOLD MINE (PTY) LTD +27(079 086 9159) Standerton
We are currently looking for determined workers urgently with or without matriculation,At BURNSTONE GOLD MINE(PTY)LTD*COMPANY NAME:BURNSTONE GOLD MINE(PTY)LTD *LOCATION.
:BULFOUR (MPUMALANGA) POSITIONS AVAILABLE FOR THE POSTS ARE AS FOLLOWS *DOMESTIC/GENERAL WORKERS WITH OR WITHOUT MATRIC *CLERKS *OFFICE ADMINISTRATOR *P.A*I.T (INFORMATION TECHNOLOGY) OPERATING POSITIONS AVAILABLE *RDO(ROCK DRILLING OPERATOR) *WINTCH OPERATORS *DUMP TRUCK OPERATOR*RICK DRILLING OPERATOR *FRONT END LOADER OPERATOR *LHD OPERATOR *DEEP ATTENDED *PTV*BELT ATTENDED *RIGGER ENGINEERING POSITIONS AVAILABLE *ARTISANS *DIESEL MECHANIC *ELECTRICAL ENGINEER *WELDERS *GRINDERS *ASSISTANT BOILERMAKER *PIPE FITTER NB: FOR MORE ENQUIRIES PLEASE CONTACT MR Albert Tau TO BOOK YOUR APPOINTMENTS BEFORE YOU APPLY.CONTACT INFORMATION +27(079 086 9159) NB: jobs that require an up-front payment are scams
http://za.jobrapido.com/jobpreview/24448915
February 2018 « Great Basin Gold is conducting a feasibility study for a shallow new gold mine known as the Burnstone project.... »
https://irr.org.za/reports-and-publications/atLiberty/files/liberty-mining-and-people-the-impact-of-mining-on-the-south-african-economy-and-living-standards
http://www.miningweekly.com/article/successful-southgold-business-rescue-precedent-setting-lawyer-2014-07-03
Wir werden sehen. Fremde Rettungspläne wurden wieder zum Leben erweckt!
https://www.sibanyestillwater.com/our-business/southern-africa/projects/burnstone/history
« ...“Net debt” represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye and therefore exclude the Burnstone Debt. Borrowings also exclude related-party loans. Net debt excludes Burnstone cash and cash equivalents.... »
https://thevault.exchange/?get_group_doc=245/1495015984-Sibanye_European%20Gold%20Forum_11am%205%20April%202017.pdf
http://www.miningweekly.com/article/successful-southgold-business-rescue-precedent-setting-lawyer-2014-07-03/rep_id:3650
Ron Thiessen stated « I am confident that we will not only survive but we will thrive as we move forward in building our Company... »
Ronald W Thiessen, Chairman of the Board
Great Basin Gold
http://www.sharedata.co.za/Data/008540/pdfs/GB%20GOLD_ar_dec08.pdf
« ...Court Case Over AFRICAN Miner’s Collapse Ends Abruptly
Great Basin Gold Debentures Drop Lawsuit
https://www.pressreader.com/canada/stockwatch-daily/20170112/281483571072397
« ...Court case over African miner’s collapse ends abruptly
Great Basin debentureholders drop lawsuit
Stockwatch Daily12 Jan 2017By Mike Caswell
A LAWSUIT over the demise of Great Basin Gold Ltd. and its purported $1.3-billion (U.S.) in assets has come to an unspectacular conclusion in the Supreme Court of British Columbia. The debentureholders behind the suit have dropped the case. Each side will bear its own legal costs.
The lawsuit was brought bya group, led by Linden Advisors LP, that held $45.7-million in unsecured convertible debentures in Great Basin. The group lost most of its investment after Great Basin entered insolvency proceedings in 2012. The lawsuit sought damages from Great Basin’s former management, claiming that the company had misrepresented the value of its assets.
The case was being actively litigated and had been set for trial in September, 2017, but the matter came to a sudden end on Dec. 19, 2016. On that date, Linden and the other plaintiffs filed a consent order dropping the matter in its entirety. The order states that there will be no costs, which means that each side must pay its own legal fees.
The order concludes a case that Linden and two other investors filed on Aug. 14, 2014. The other plaintiffs were Crystalline Management Inc. and Wolverine Asset Management LLC. The defendants were former officers and directors of Great Basin. These included Ferdinand Dippenaar, the company’s president from August, 2005, to August, 2012. The suit also named Great Basin chairman Ron Thiessen.
The lawsuit sought to hold management accountable for what the debentureholders saw as a substantial misrepresentation of the value of the company’s assets. Linden said that it acquired Great Basin debentures in 2009, based on the value the company attributed to its two main projects, Hollister and Burnstone. The company had valued Burnstone between $414-million (U.S.) and $1.17-billion (U.S.), with a mine life of 19 years. After adding the value of Hollister, the company’s two main projects were worth $1.3-billion (U.S.), the suit stated.
After the initial investment, all seemed to be well, according to Linden. The Burstone project went into production in January, 2011, and the project’s reserves and mine life increased too. Meanwhile the Hollister project received a boost to its reserves as well. Alongside these purportedly positive developments, Mr. Dippenaar called the Burnstone a “world class project” that would produce into the future. The company expected Burnstone to start contributing cash flow in July, 2011.
There were no concerns throughout 2011 and into 2012 about the company’s cash position, Linden said. On Oct. 24, 2011, the company claimed to have enough working capital. It also increased its valuation of the Burnstone project, placing a $1.53-billion (U.S.) figure on the project. The company acknowledged some production delays, but in an April 3, 2012, earnings call Mr. Dippenaar assured investors that those issues were resolved. As the debentureholders understood things, the company was advancing without any troubles, the suit stated.
Problems soon appeared, however. According to the suit, the company first disclosed on Aug. 12, 2014, that it was having “operational challenges” bringing Burnstone into production. The company also said that it had a working capital deficit of $23-million. Despite those issues, the company maintained that the value of the
projects was more than the company’s market capitalization, the suit claimed. The company did not write down either project.
Just weeks later, a much larger problem ensued. On Sept. 19, 2012, Great Basin entered insolvency proceedings, in which it ultimately sold all of its assets. As Linden saw it, the true value of the company’s projects emerged through those proceedings. In May, 2013, Great Basin sold Hollister for $15-million and a 15-per-cent royalty, which was assigned to the company’s secured lenders. Meanwhile Burstone went for $7.25-million (U.S.) and the assumption of $170-million (U.S.) in debt. Linden said that this value was a mere fraction of what management had claimed the projects to be worth.
The lawsuit sought damages for negligent misrepresentation, a declaration that the directors and officers breached their duty, and a declaration that the debenture prospectus contained misrepresentations. In addition to Mr. Dippenaar and Mr. Thiessen, the defendants were: Lourens Van Vuuren, Willem Beckmann, Philip N. Bentley, Patrick Cooke, Terrence Barry Coughlan, Dhir Anu, David M.S. Elliott, Bheki Khumalo, Harry Wayne Kirk, Octavia Matloa, Philip Kotze, Joshua C. Ngoma, Johan Oelofse, Dana Roets, Gert J. Robbertze, Sipho A. Nkosi and Walter T. Segsworth.
The defendants each denied any wrongdoing. In his July 22, 2015, response to the suit, Mr. Dippenaar said that there was no guarantee of the company’s success, and its disclosure clearly indicated that fact. Exploration variables, lack of financing, as well as economic and market conditions could all affect its success, he contended.
Mr. Dippenaar also leaned heavily on the legal disclaimers in the prospectus. Those disclaimers specifically stated that investments in the company were speculative and involved a high degree of risk. Moreover, the debentures were unsecured obligations and there was no guarantee that the company could pay the interest and principal. At the time, the company had an 18-year history of losses and there was no guarantee it would be profitable.
Great Basin Gold no longer trades in Canada, the company having delisted from the Toronto Stock Exchange on Oct. 25, 2012. In 2010, the stock had a high of $3.07. The company still has a listing on the lowly OTC Markets, where it was last at 0.18 cent.
(GBGLF)
https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02976.html
« ...Great Basin ex Segsworth fights Credit Suisse case
Great Basin Gold Ltd.’s former director, Walter Segsworth, has asked a judge to deny an attempt to force him into providing a deposition for a Nevada fraud case. He says that he has nothing relevant to contribute.
https://www.eenews.net/stories/1060080079
https://www.bnn.ca/commodities/video/alaskan-pebble-project-achieves-agreement-with-u-s-epa~1153416
https://www.pressreader.com/canada/stockwatch-daily/20160923/281509340663766
« Great Basin Gold– Hollister Mine (Nevada), Burnstone Mine (South Africa)... »
« ...Key Points for Investors and Other Stakeholders:
• Great Basin Gold Ltd. (“GBG”), was a publicly-traded international mining company engaged in the exploration, development and operation of gold properties. It operated through 22 subsidiary companies that reported through consolidated statements. A number of the subsidiaries were in- corporated and based in known tax shelters (British Virgin Islands, Cayman Islands, Cyprus).
• The company entered receivership in 2013, while Ronald Thiessen was still Chairman of the Board, and Scott Coughlan was still a Director. From 1996 through 2007, the company was under HDI control, based on a contract dated December 31, 1997. HDI ceased to be a “related party” after 2007.
• Philip Kotze was also a company director from 2011 until 2013, and was the President and CEO of HDI-subsidiary Atlatsa from 2008 to 2011. He later bought the HDI Burnstone Mine out of the liquidation proceedings in 2013.
• Subsequently, Thiessen and Coughlan were defendants in civil proceedings filed in British Co- lumbia and Nevada by Credit Suisse AG, GBG’s largest creditor. In February-March 2011, prior to GBG’s bankruptcy, the company borrowed US$70 million (the “Hollister Facility’) from Credit Suisse to finance mining operations at its Hollister gold mine in Nevada. In 2012, follow- ing the bankruptcy filing, Credit Suisse executed a US$35 million debtor-in-possession financing facility (the “Canadian DIP Facility”) connected to the Canadian bankruptcy filing, which was subsequently increased to US$51 million in 2013. Credit Suisse filed suit in Nevada alleging that the defendants had provided information, at the time of the Hollister Facility, stating that the life of the Hollister Mine was estimated at over eight years, the proven and probable reserves at the mine were estimated to be 907,000 Au(eqv) oz, and the net present value of the mine was C$236 million. Following the bankruptcy proceeding, however, the Hollister mine was reported to have “only a three-year life of mine and proven and probable mineral reserves of 187,000 Au(eqv) oz.” When the mine was sold in 2013, it was sold “for only US$15 million and a small percentage of future profits.” Credit Suisse alleged “negligent misrepresentation, fraud and breach of fiduciary duty” on the part of the defendants. The Nevada proceedings were settled in July, 2017. 132 De- tails of the settlement were not
• Thiessen and Coughlan were also defendants in a related civil proceeding filed in British Colum- bia in 2014 by Linden Advisors LP, Crystalline Management Inc. and Wolverine Asset Manage- ment, LLC. The plaintiffs were investors in debentures issued by GBG in 2009, who alleged that the defendants made material misrepresentations concerning GBG’s financial and liquidity position in a GBG prospectus related to the debenture issue. After counterclaims and responses filed by both sides, this proceeding was settled and dismissed in December 2016, with neither party taking anything from the other.
• In May 2013, the Hollister Mine was sold at auction for US$15 million by Waterton Global Re- source Management. In Q3, 2016, Waterton shut it down. Hollister was again sold, to Rimrock Gold, which then sold it to Klondex for $80 million and some shares and warrants in Klondex. Franco-Nevada holds a 3-5% NSR on the property (subject to gold price).
• In 2013 in South Africa, at the Burnstone Mine, GBG subsidiary Southgold filed for bankruptcy protection. The company’s debt exceeded US$400 million (largely owing to Credit Suisse and Standard Bank). Southgold brought in a private business rescue practitioner- Peter Steen, who sold the mine to Philip Kotze’s Witwatersrand Consolidated Gold Resources (“Wits”) for $7.25 million133; Wits also assumed the company debt. However, the plan cut the debt to $177.5 million and required Wits to bring the mine back into operation within three years. The rescue plan was announced in July 2013.134 Wits could not meet its obligations either, and, by the end of the year, the entire company had been bought by Sibanye for less than $40 million... »
https://miningwatch.ca/sites/default/files/hdi_investor_report.pdf
https://www.northerndynastyminerals.com/pebble-project/project-overview/
« ...Investors are mad with the state of play at Great Basin Gold Ltd., an international gold mining company with mines in Nevada and South Africa that is now in bankruptcy protection.
And there’s a lot at stake given that through RBC Capital Markets, Great Basin raised $57.5-million of equity capital just over six months back from a unit offering at $0.75 per unit. It also raised $86.3-million of equity — at $2.55 a share — in February 2011. One year back, again through RBC, it raised $126.5-million from the sale of five-year 8% convertible debentures.
And their rage is directly proportional to how fast developments have changed at the company whose shares are listed in Canada, the U.S. and South Africa.
Adding to the frustration is that battles have emerged between classes of security holders brought on by the demands of the providers of debtor in possession financing and the collateral holders of the convertible debentures thought they enjoyed. (One holder said that he expects, at best, to receive $0.25 on the dollar.) And because Great Basin is obligated to pay the legal costs of the lenders and the holders of the convertibles, about $10-million will be drained. Indeed in its latest update, issued one week back, Great Basin said that the DIP loan “remains in technical default.”
http://business.financialpost.com/news/fp-street/the-mess-at-great-basin-gold
Really? https://www.sibanyestillwater.com/our-business/southern-africa/projects/burnstone/history
»...Published on Apr 23, 2018 Copperstone mine is a high-grade, fully-permitted gold deposit located in mining-friendly western Arizona. Having historically produced ~500,000 ounces of gold, Copperstone contains existing infrastructure which reduces investment requirements and speeds up the timeline to production. A pathway to 1 Million oz's of gold.... »
»...Published on Apr 23, 2018 Copperstone mine is a high-grade, fully-permitted gold deposit located in mining-friendly western Arizona. Having historically produced ~500,000 ounces of gold, Copperstone contains existing infrastructure which reduces investment requirements and speeds up the timeline to production. A pathway to 1 Million oz's of gold.... »
« ...On December 22, 2014, San Gold Corporation filed a Notice of Intention to Make a Proposal under Part III, Division I of the Bankruptcy and Insolvency Act (Canada). MNP Ltd. has been appointed as the proposal trustee in San Gold’s proposal proceedings. San Gold is an established Canadian gold producer, explorer, and developer that owns and operates mines in Manitoba. On June 19, 2015, the Court ordered the name of San Gold Corporation be amended to "5813906 Manitoba Ltd. formerly San Gold Corporation". On June 23, 2015, 5813906 Manitoba Ltd. formerly San Gold Corporation, was deemed to have made an assignment in bankruptcy as it was unable to make a proposal to its creditors. MNP Ltd. has been appointed as the bankruptcy trustee.... »
http://mnpdebt.ca/en/corporate/engagements/san-gold-corporation
RE:RE:The future is bright here
How is the future bright here? For San Gold?
I thought San Gold had disposed of all of its golden assets like the Rice Lake Mine in Manitoba and the Timmins-Larder-Kirkland: Properties via SGX...?
Is not San Gold just a shell company? Might these shares ever POP?
http://static.gowebcasting.com/documents/files/events/event_00001749_700irNH6.pdf
http://www.sagegoldinc.com/
http://kerrmines.com/
Rice Lake Mine seems to be owned by https://www.klondexmines.com/
????
Read more at http://www.stockhouse.com/companies/bullboard/t.sgr/san-gold-corporation?postid=27928667#xWjCJhQ67xeJmpBm.99
Unique Pathway to Multi-Million oz’s Updated Video
Pathway to a Multi-Million Ounces golden property in Western Arizona...
Updated video
Unique Pathway to Multi-Million oz’s Updated Video
Pathway to a Multi-Million Ounces golden property in Western Arizona...
Updated video
«A Pathway to 1 Million oz's of GOLD.... » Claudio Ciavarella
«A Pathway to 1 Million oz's of GOLD.... » Claudio Ciavarella
«...We’re going to get...a million ounces... » stated Claudio Ciavarella.
With a much needed EXPANDED detailed drilling program... ASAP
I agree but waiting until late 2019...
« ...Everyone including independent geologists, believes the minimum that we’re going to get to is at least a million ounces... »
Kerr Mines CEO Claudio Ciavarella on the Copperstone property in Arizona.... »
http://www.cbj.ca/brochures/2018/Mar/Kerr-Mines/index.php#10-11
http://resourceworld.com/index.php/kerr-sees-near-term-production-opportunity-at-copperstone/
« ... Fahad Al Tamimi
Chairman
« ...Mr. Al Tamimi is a Saudi-based businessman with global investment activities. Previously, he was President and CEO of SaudConsult, the largest engineering firm in Saudi Arabia responsible for many large infrastructure and construction projects in the country.
He was also a 50% partner of Worley Parsons Arabia, which undertook major infrastructure projects in the oil & gas, energy and a mining project worth over $5 billion in Saudi Arabia.... »
http://kerrmines.com/corporate/
http://www.mining-journal.com/feasibility/news/1335958/kerr-looks-to-restart-copperstone-in-2019
http://www.fahadaltamimi.com/
«...We’re going to get...a million ounces... » stated Claudio Ciavarella.
With a much needed EXPANDED detailed drilling program... ASAP
I agree but waiting until late 2019...
« ...Everyone including independent geologists, believes the minimum that we’re going to get to is at least a million ounces... »
Kerr Mines CEO Claudio Ciavarella on the Copperstone property in Arizona.... »
http://www.cbj.ca/brochures/2018/Mar/Kerr-Mines/index.php#10-11
http://resourceworld.com/index.php/kerr-sees-near-term-production-opportunity-at-copperstone/
« ... Fahad Al Tamimi
Chairman
« ...Mr. Al Tamimi is a Saudi-based businessman with global investment activities. Previously, he was President and CEO of SaudConsult, the largest engineering firm in Saudi Arabia responsible for many large infrastructure and construction projects in the country.
He was also a 50% partner of Worley Parsons Arabia, which undertook major infrastructure projects in the oil & gas, energy and a mining project worth over $5 billion in Saudi Arabia.... »
http://kerrmines.com/corporate/
http://www.mining-journal.com/feasibility/news/1335958/kerr-looks-to-restart-copperstone-in-2019
http://www.fahadaltamimi.com/
« ...Copperstone Phase 2 Drilling Plan:
« ...Up to 6,500 meters with the objective of upgrading Inferred tonnes to Indicated or better and to improve continuity and grade of the M&I mineral resource tonnes that were not part of the P&P mineral resource tonnes in the current resource.
Up to 5,500 meters to test additional zones and add Inferred tonnes.
Up to 2,000 meters for structural, geotechnical and metallurgical purposes
Drilling location targets for additions and conversions are associated with structural, alteration and lithologic controls which have demonstrated to have significant support for mineralization. Drilling targets also include areas of magnetite skarns and replaced limestones which often demonstrate significant upside potential in near mine extents. The funding of this Phase-II program is not included in the PFS.... »
https://www.pressreader.com/canada/stockwatch-daily/20180411/281788514638349
I think KERR needs to DOUBLE their PHASE 2 drilling and include some of the golden Pearl properties in it; this could increase grade, Measured and Indicated in late 2018 and peak investor interest in Kerr Mines. The Proven and Probable needs to be expanded on a much tighter timeline!
Sometimes you have to spend money to make $$$ and this is that time ...
Lacklustre Phase 2 drill results could... http://kerrmines.com/wp-content/uploads/Kerr-Mines-Corporate-Presentation-February-2018.pdf
« ...Copperstone Phase 2 Drilling Plan:
« ...Up to 6,500 meters with the objective of upgrading Inferred tonnes to Indicated or better and to improve continuity and grade of the M&I mineral resource tonnes that were not part of the P&P mineral resource tonnes in the current resource.
Up to 5,500 meters to test additional zones and add Inferred tonnes.
Up to 2,000 meters for structural, geotechnical and metallurgical purposes
Drilling location targets for additions and conversions are associated with structural, alteration and lithologic controls which have demonstrated to have significant support for mineralization. Drilling targets also include areas of magnetite skarns and replaced limestones which often demonstrate significant upside potential in near mine extents. The funding of this Phase-II program is not included in the PFS.... »
https://www.pressreader.com/canada/stockwatch-daily/20180411/281788514638349
I think KERR needs to DOUBLE their PHASE 2 drilling and include some of the golden Pearl properties in it; this could increase grade, Measured and Indicated in late 2018 and peak investor interest in Kerr Mines. The Proven and Probable needs to be expanded on a much tighter timeline!
Sometimes you have to spend money to make $$$ and this is that time ...
Lacklustre Phase 2 drill results could... http://kerrmines.com/wp-content/uploads/Kerr-Mines-Corporate-Presentation-February-2018.pdf
« ...Trump announces strikes on Syria following suspected chemical weapons attack by Assad forces
The president did not specify a target for the strikes, but he said the the United States would aim to hit targets "associated with the chemical weapons capabilities" of Assad's regime.... »
by Daniel Arkin / Apr.13.2018 / 9:12 PM ET / Updated 9:19 PM ET
https://www.nbcnews.com/news/world/trump-announces-strikes-syria-following-suspected-chemical-weapons-attack-assad-n865966
How will we all be impacted by strikes on Syria? etc...
Kerr Mines « 600,000 ounce Copperstone gold project in Arizona is “just the beginning” as it aims for production in 2019.... »
http://www.mining-journal.com/feasibility/news/1335958/kerr-looks-to-restart-copperstone-in-2019
MichaelSTL, I want to see an immediate Phase 3 focused on the three massive golden BLUE pearls which under them may be a fault loaded with GOLD? Have the extended land permits been acquired....
« ...South West Target–geophysical signature identical to Copperstone and Blue Pearls, supported by previous drilling indicating identical geology, inclination, width and grade to Copperstone
• NorthEast “BluePearl” Geophysical targets – significant strength and similar size to the geophysical anomaly under the Copperstone Orebody. The blue indicates a uniformly magnetic rock with a very slow change in magnetic field. No previous drilling
• Adding two exploration licenses totalling 541 hectares (1,331 acres)
http://kerrmines.com/wp-content/uploads/Kerr-Mines-Corporate-Presentation-February-2018.pdf
https://www.theguardian.com/world/live/2018/apr/14/syria-donald-trump-announcement-chemical-attack-live
« ...Trump announces strikes on Syria following suspected chemical weapons attack by Assad forces
The president did not specify a target for the strikes, but he said the the United States would aim to hit targets "associated with the chemical weapons capabilities" of Assad's regime.... »
by Daniel Arkin / Apr.13.2018 / 9:12 PM ET / Updated 9:19 PM ET
https://www.nbcnews.com/news/world/trump-announces-strikes-syria-following-suspected-chemical-weapons-attack-assad-n865966
How will we all be impacted by strikes on Syria? etc...
Kerr Mines « 600,000 ounce Copperstone gold project in Arizona is “just the beginning” as it aims for production in 2019.... »
http://www.mining-journal.com/feasibility/news/1335958/kerr-looks-to-restart-copperstone-in-2019
Kerr Mines « 600,000 ounce Copperstone gold project in Arizona is “just the beginning” as it aims for production in 2019.... »
http://www.mining-journal.com/feasibility/news/1335958/kerr-looks-to-restart-copperstone-in-2019
« ...Kerr looks to restart Copperstone in 2019
Junior Kerr Mines (CN:KER) says a positive prefeasibility study for its 600,000 ounce Copperstone gold project in Arizona is “just the beginning” as it aims for production in 2019.
The PFS points to an initial capex of US$22.7 million, thanks to the amount of infrastructure at the past-producing mine, an internal rate of return of 40% and payback within 2.3 years of the flagged 2019 start.
NY-Bob if there is 600,000 au oz, these KERR shares are cheap, cheap, CHEAP imo..... kerrmines.com
Kerr Mines « 600,000 ounce Copperstone gold project in Arizona is “just the beginning” as it aims for production in 2019.... »
http://www.mining-journal.com/feasibility/news/1335958/kerr-looks-to-restart-copperstone-in-2019
« ...Kerr looks to restart Copperstone in 2019
Junior Kerr Mines (CN:KER) says a positive prefeasibility study for its 600,000 ounce Copperstone gold project in Arizona is “just the beginning” as it aims for production in 2019.
The PFS points to an initial capex of US$22.7 million, thanks to the amount of infrastructure at the past-producing mine, an internal rate of return of 40% and payback within 2.3 years of the flagged 2019 start.
Kerr Mines « 600,000 ounce Copperstone gold project in Arizona is “just the beginning” as it aims for production in 2019.... »
http://www.mining-journal.com/feasibility/news/1335958/kerr-looks-to-restart-copperstone-in-2019
« ...Kerr looks to restart Copperstone in 2019
Junior Kerr Mines (CN:KER) says a positive prefeasibility study for its 600,000 ounce Copperstone gold project in Arizona is “just the beginning” as it aims for production in 2019.
The PFS points to an initial capex of US$22.7 million, thanks to the amount of infrastructure at the past-producing mine, an internal rate of return of 40% and payback within 2.3 years of the flagged 2019 start.
Kerr Mines « 600,000 ounce Copperstone gold project in Arizona is “just the beginning” as it aims for production in 2019.... »
http://www.mining-journal.com/feasibility/news/1335958/kerr-looks-to-restart-copperstone-in-2019
« ...Kerr looks to restart Copperstone in 2019
Junior Kerr Mines (CN:KER) says a positive prefeasibility study for its 600,000 ounce Copperstone gold project in Arizona is “just the beginning” as it aims for production in 2019.
The PFS points to an initial capex of US$22.7 million, thanks to the amount of infrastructure at the past-producing mine, an internal rate of return of 40% and payback within 2.3 years of the flagged 2019 start.
« ....Mining investors don’t often see such high-grade numbers with gold projects this close to production. Stockhouse recently had the opportunity to delve deeper into this report through posing some questions to KER’s CEO, Claudio Ciavarella.... »
« ...A major milestone toward achieving this goal is the new NI 43-101 prefeasibility study (PFS) that the Company just released on April 10, 2018. That technical report is loaded with information, including the following highlights:
- Initial cap-ex of only US$22.7 million to go into production
- Internal rate of return (IRR) of 40%
- 175,093 ounces Proven & Probable reserves @ 6.79 g/t Au
- 276,100 ounces Measured & Indicated resources @ 7.63 g/t Au
- 145,700 ounces of Inferred resources @ 6.81 g/t Au
- Cash costs of US$684/oz
- Metallurgy: a recovery rate of 95% Au
- Average annual sales of 38,347 ounces Au
http://www.stockhouse.com/opinion/interviews/2018/04/12/high-grade-gold-project-pfs-shows-strong-economics
« ...While the new PFS upgrades KER’s gold reserves and resources, not all of the ounces that have already been defined were included in this report. Could you please elaborate further here?
The ounces in the current resource statement that were included in the economics of the report total 175,000 gold ounces. The ounces in the current resource statement that were not included in the economics of the report represent 246,000 ounces of gold – 100,000 ounces of which are located immediately around the included ounces. Inclusion of these ounces is the primary goal and will be made possible through the refinement of the mine plan and further drilling in these easily accessible areas. Inclusion of the remaining 146,000 ounces not currently in the economics are principally the target of the forthcoming exploration program.... »
Read more at http://www.stockhouse.com/opinion/interviews/2018/04/12/high-grade-gold-project-pfs-shows-strong-economics#aUDU8z2rrJJkcalm.99
« ....Mining investors don’t often see such high-grade numbers with gold projects this close to production. Stockhouse recently had the opportunity to delve deeper into this report through posing some questions to KER’s CEO, Claudio Ciavarella.... »
« ...A major milestone toward achieving this goal is the new NI 43-101 prefeasibility study (PFS) that the Company just released on April 10, 2018. That technical report is loaded with information, including the following highlights:
- Initial cap-ex of only US$22.7 million to go into production
- Internal rate of return (IRR) of 40%
- 175,093 ounces Proven & Probable reserves @ 6.79 g/t Au
- 276,100 ounces Measured & Indicated resources @ 7.63 g/t Au
- 145,700 ounces of Inferred resources @ 6.81 g/t Au
- Cash costs of US$684/oz
- Metallurgy: a recovery rate of 95% Au
- Average annual sales of 38,347 ounces Au
http://www.stockhouse.com/opinion/interviews/2018/04/12/high-grade-gold-project-pfs-shows-strong-economics
« ...While the new PFS upgrades KER’s gold reserves and resources, not all of the ounces that have already been defined were included in this report. Could you please elaborate further here?
The ounces in the current resource statement that were included in the economics of the report total 175,000 gold ounces. The ounces in the current resource statement that were not included in the economics of the report represent 246,000 ounces of gold – 100,000 ounces of which are located immediately around the included ounces. Inclusion of these ounces is the primary goal and will be made possible through the refinement of the mine plan and further drilling in these easily accessible areas. Inclusion of the remaining 146,000 ounces not currently in the economics are principally the target of the forthcoming exploration program.... »
Read more at http://www.stockhouse.com/opinion/interviews/2018/04/12/high-grade-gold-project-pfs-shows-strong-economics#aUDU8z2rrJJkcalm.99
« ....Mining investors don’t often see such high-grade numbers with gold projects this close to production. Stockhouse recently had the opportunity to delve deeper into this report through posing some questions to KER’s CEO, Claudio Ciavarella.... »
« ...A major milestone toward achieving this goal is the new NI 43-101 prefeasibility study (PFS) that the Company just released on April 10, 2018. That technical report is loaded with information, including the following highlights:
- Initial cap-ex of only US$22.7 million to go into production
- Internal rate of return (IRR) of 40%
- 175,093 ounces Proven & Probable reserves @ 6.79 g/t Au
- 276,100 ounces Measured & Indicated resources @ 7.63 g/t Au
- 145,700 ounces of Inferred resources @ 6.81 g/t Au
- Cash costs of US$684/oz
- Metallurgy: a recovery rate of 95% Au
- Average annual sales of 38,347 ounces Au
http://www.stockhouse.com/opinion/interviews/2018/04/12/high-grade-gold-project-pfs-shows-strong-economics
« ...While the new PFS upgrades KER’s gold reserves and resources, not all of the ounces that have already been defined were included in this report. Could you please elaborate further here?
The ounces in the current resource statement that were included in the economics of the report total 175,000 gold ounces. The ounces in the current resource statement that were not included in the economics of the report represent 246,000 ounces of gold – 100,000 ounces of which are located immediately around the included ounces. Inclusion of these ounces is the primary goal and will be made possible through the refinement of the mine plan and further drilling in these easily accessible areas. Inclusion of the remaining 146,000 ounces not currently in the economics are principally the target of the forthcoming exploration program.... »
Read more at http://www.stockhouse.com/opinion/interviews/2018/04/12/high-grade-gold-project-pfs-shows-strong-economics#aUDU8z2rrJJkcalm.99
“...The price of gold rocketed by 0.79 per cent after Donald Trump warned Russia he would launch missiles at their troops in Syria.
Trump’s tweet saw the price of the precious metal rise to $1,351 an ounce on Wednesday morning as investors scrambled to invest in a tangible product that could survive an all-out war.
GOLD prices have risen by 3.6 per cent this year, amid ongoing uncertainty in the US and Middle East, according to Business Insider....”
http://metro.co.uk/2018/04/11/people-panic-buying-gold-donald-trump-threatens-war-russia-7458485/
http://www.bbc.com/news/world-middle-east-43727829
“...The price of gold rocketed by 0.79 per cent after Donald Trump warned Russia he would launch missiles at their troops in Syria.
Trump’s tweet saw the price of the precious metal rise to $1,351 an ounce on Wednesday morning as investors scrambled to invest in a tangible product that could survive an all-out war.
GOLD prices have risen by 3.6 per cent this year, amid ongoing uncertainty in the US and Middle East, according to Business Insider....”
http://metro.co.uk/2018/04/11/people-panic-buying-gold-donald-trump-threatens-war-russia-7458485/
http://www.bbc.com/news/world-middle-east-43727829
Agreed, I think we have a two year wait until $$$
Once the golden and copper proven and probable is promptly increased; we HOPE!
»...Kerr Mines Inc. [KER-TSX, KERMF-OTC, 7AZ1-FRA] on Tuesday April 10 announced the results of an independent Pre-Feasibility Study and resource update for its past-producing Copperstone Mine in Arizona. The resource update is in compliance with NI 43-101 standards of disclosure.
“On the momentum of a very successful 2017 Phase 1 exploration program and Pre-Feasibility Study, the company is pleased to confirm updated gold resources and positive economics at the company’s Copperstone Mine in Arizona,” Kerr said in a press release.
Highlights from the pre-feasibility study are as follows:
Average annual sales of 38,347 ounces of gold.
Initial capital of $22.7 million, which includes mine equipment capital lease.
Payback of initial capital within 2.3 years of 2019 production start.
Study life operating margin (EBITDA) of $89 million, internal rate of return of 40%.
All-in sustaining cost of US$875 per gold ounce.
Measured and indicated mineral resource of 1,124,800 tones averaging 7.63 g/t gold
276,100 ounces of contained gold in the inferred category.
Proven and probable mineral reserves of 802,048 tonnes, averaging 6.79 g/tonne gold
175,093 ounces of contained gold in the proven and probable category.... »
$lightly Frustrating,
GPB
PS A one year wait for $$$ would be much preferred.
Read more at http://www.stockhouse.com/companies/bullboard/t.ker/kerr-mines-inc?postid=27863026#C0SVti9O6C6DL01J.99
Good Morning, GoForTheBet « ...Kerr Mines Releases Highlights From Pre-Feasibility Study: 40% IRR, Updated Resource and Production in 2019
https://globenewswire.com/news-release/2018/04/10/1467588/0/en/Kerr-Mines-Releases-Highlights-From-Pre-Feasibility-Study-40-IRR-Updated-Resource-and-Production-in-2019.html
TORONTO, April 10, 2018 (GLOBE NEWSWIRE) -- Kerr Mines Inc. (TSX:KER) (OTC:KERMF) (FRA:7AZ1) (“Kerr” or the “Company”) is pleased to announce the results of the independent Pre-Feasibility study (“PFS”, “Study”) and resource update prepared by Hard Rock Consulting, LLC in accordance with National Instrument 43-101 (“NI 43-101”) for its past producing Copperstone Mine in Arizona, USA. On the momentum of a very successful 2017 Phase I exploration program and this PFS, the Company is pleased to confirm updated gold resources and positive economics at the Company’s Copperstone Mine in Arizona.
Copperstone PFS Highlights (all values US$ unless otherwise noted):
Base case $1,250/oz gold;
Initial capital of $22.7 million which includes a mine equipment capital lease;
Study life operating margin (EBITDA) of $89M, Internal rate of return of 40%;
Payback of initial capital within 2.3 years of 2019 production start;
Recovery of gold averaging 95% using crushing, grinding and whole ore leach;
Average annual sales of 38,347 ounces gold;
Cash Operating Cost of $684 per gold ounce;
All-in Sustaining Cost ("AISC") of $875 per gold ounce;
Measured and Indicated (“M&I”) Mineral Resources of 1,124,800 tonnes averaging 7.63 g/tonne gold;
276,100 ounces contained gold in M&I Resource;
Inferred Mineral Resources of 666,000 tonnes averaging 6.81 g/tonne gold;
145,700 ounces contained gold in Inferred;
Proven and Probable (“P&P”) Mineral Reserves of 802,048 tonnes averaging 6.79 g/tonne gold;
175,093 ounces contained gold in P&P Reserve;
M&I gold resources ounces, which are not part of the P&P reserve ounces, are targeted for potential inclusion in the P&P reserves through recommended future drilling;
Inferred gold resources are open for further expansion and conversion through recommended future drilling in the Copperstone and Footwall zones.
“The results of this PFS display the strong near-term production opportunity for the Copperstone Mine and robust returns for our investors. This is just the beginning," says Martin Kostuik, President. “The impressive exploration upside displayed by the 2017 Phase I program, the historical production of over 500,000 gold ounces and the potential to generate solid positive cash flows by identifying the first four years of gold production, all point toward the opportunity of many more years, beyond the Study timeframe, of profitable production. In fact, there are 100,000 gold ounces of M&I mineral resources that were not included in the P&P mineral resources, part of which are immediately accessible for drilling and potential inclusion.” Kostuik continued, “Our intention is to finance the initial capital through corporate debt. We are currently engaged in discussions focused on non-dilutive financing options with several lending groups to finalize our forthcoming production decision. Furthermore, we shall continue our efforts to enhance shareholder value by pursuing other value-adding activities such as conducting an intense 2018 exploration program which is designed to increase mine life”
Great work Kerr Team... Bravo!
« ...Kerr Mines Releases Highlights From Pre-Feasibility Study: 40% IRR, Updated Resource and Production in 2019
https://globenewswire.com/news-release/2018/04/10/1467588/0/en/Kerr-Mines-Releases-Highlights-From-Pre-Feasibility-Study-40-IRR-Updated-Resource-and-Production-in-2019.html
TORONTO, April 10, 2018 (GLOBE NEWSWIRE) -- Kerr Mines Inc. (TSX:KER) (OTC:KERMF) (FRA:7AZ1) (“Kerr” or the “Company”) is pleased to announce the results of the independent Pre-Feasibility study (“PFS”, “Study”) and resource update prepared by Hard Rock Consulting, LLC in accordance with National Instrument 43-101 (“NI 43-101”) for its past producing Copperstone Mine in Arizona, USA. On the momentum of a very successful 2017 Phase I exploration program and this PFS, the Company is pleased to confirm updated gold resources and positive economics at the Company’s Copperstone Mine in Arizona.
Copperstone PFS Highlights (all values US$ unless otherwise noted):
Base case $1,250/oz gold;
Initial capital of $22.7 million which includes a mine equipment capital lease;
Study life operating margin (EBITDA) of $89M, Internal rate of return of 40%;
Payback of initial capital within 2.3 years of 2019 production start;
Recovery of gold averaging 95% using crushing, grinding and whole ore leach;
Average annual sales of 38,347 ounces gold;
Cash Operating Cost of $684 per gold ounce;
All-in Sustaining Cost ("AISC") of $875 per gold ounce;
Measured and Indicated (“M&I”) Mineral Resources of 1,124,800 tonnes averaging 7.63 g/tonne gold;
276,100 ounces contained gold in M&I Resource;
Inferred Mineral Resources of 666,000 tonnes averaging 6.81 g/tonne gold;
145,700 ounces contained gold in Inferred;
Proven and Probable (“P&P”) Mineral Reserves of 802,048 tonnes averaging 6.79 g/tonne gold;
175,093 ounces contained gold in P&P Reserve;
M&I gold resources ounces, which are not part of the P&P reserve ounces, are targeted for potential inclusion in the P&P reserves through recommended future drilling;
Inferred gold resources are open for further expansion and conversion through recommended future drilling in the Copperstone and Footwall zones.
“The results of this PFS display the strong near-term production opportunity for the Copperstone Mine and robust returns for our investors. This is just the beginning," says Martin Kostuik, President. “The impressive exploration upside displayed by the 2017 Phase I program, the historical production of over 500,000 gold ounces and the potential to generate solid positive cash flows by identifying the first four years of gold production, all point toward the opportunity of many more years, beyond the Study timeframe, of profitable production. In fact, there are 100,000 gold ounces of M&I mineral resources that were not included in the P&P mineral resources, part of which are immediately accessible for drilling and potential inclusion.” Kostuik continued, “Our intention is to finance the initial capital through corporate debt. We are currently engaged in discussions focused on non-dilutive financing options with several lending groups to finalize our forthcoming production decision. Furthermore, we shall continue our efforts to enhance shareholder value by pursuing other value-adding activities such as conducting an intense 2018 exploration program which is designed to increase mine life”
Great work Kerr Team... Bravo!
Maddo-Gene BTW, « ...« ...Kerr Mines Releases Highlights From Pre-Feasibility Study: 40% IRR, Updated Resource and Production in 2019
https://globenewswire.com/news-release/2018/04/10/1467588/0/en/Kerr-Mines-Releases-Highlights-From-Pre-Feasibility-Study-40-IRR-Updated-Resource-and-Production-in-2019.html
TORONTO, April 10, 2018 (GLOBE NEWSWIRE) -- Kerr Mines Inc. (TSX:KER) (OTC:KERMF) (FRA:7AZ1) (“Kerr” or the “Company”) is pleased to announce the results of the independent Pre-Feasibility study (“PFS”, “Study”) and resource update prepared by Hard Rock Consulting, LLC in accordance with National Instrument 43-101 (“NI 43-101”) for its past producing Copperstone Mine in Arizona, USA. On the momentum of a very successful 2017 Phase I exploration program and this PFS, the Company is pleased to confirm updated gold resources and positive economics at the Company’s Copperstone Mine in Arizona.
Copperstone PFS Highlights (all values US$ unless otherwise noted):
Base case $1,250/oz gold;
Initial capital of $22.7 million which includes a mine equipment capital lease;
Study life operating margin (EBITDA) of $89M, Internal rate of return of 40%;
Payback of initial capital within 2.3 years of 2019 production start;
Recovery of gold averaging 95% using crushing, grinding and whole ore leach;
Average annual sales of 38,347 ounces gold;
Cash Operating Cost of $684 per gold ounce;
All-in Sustaining Cost ("AISC") of $875 per gold ounce;
Measured and Indicated (“M&I”) Mineral Resources of 1,124,800 tonnes averaging 7.63 g/tonne gold;
276,100 ounces contained gold in M&I Resource;
Inferred Mineral Resources of 666,000 tonnes averaging 6.81 g/tonne gold;
145,700 ounces contained gold in Inferred;
Proven and Probable (“P&P”) Mineral Reserves of 802,048 tonnes averaging 6.79 g/tonne gold;
175,093 ounces contained gold in P&P Reserve;
M&I gold resources ounces, which are not part of the P&P reserve ounces, are targeted for potential inclusion in the P&P reserves through recommended future drilling;
Inferred gold resources are open for further expansion and conversion through recommended future drilling in the Copperstone and Footwall zones.
“The results of this PFS display the strong near-term production opportunity for the Copperstone Mine and robust returns for our investors. This is just the beginning," says Martin Kostuik, President. “The impressive exploration upside displayed by the 2017 Phase I program, the historical production of over 500,000 gold ounces and the potential to generate solid positive cash flows by identifying the first four years of gold production, all point toward the opportunity of many more years, beyond the Study timeframe, of profitable production. In fact, there are 100,000 gold ounces of M&I mineral resources that were not included in the P&P mineral resources, part of which are immediately accessible for drilling and potential inclusion.” Kostuik continued, “Our intention is to finance the initial capital through corporate debt. We are currently engaged in discussions focused on non-dilutive financing options with several lending groups to finalize our forthcoming production decision. Furthermore, we shall continue our efforts to enhance shareholder value by pursuing other value-adding activities such as conducting an intense 2018 exploration program which is designed to increase mine life”
Great work Kerr Team... Bravo!
« ...Kerr Mines Releases Highlights From Pre-Feasibility Study: 40% IRR, Updated Resource and Production in 2019
https://globenewswire.com/news-release/2018/04/10/1467588/0/en/Kerr-Mines-Releases-Highlights-From-Pre-Feasibility-Study-40-IRR-Updated-Resource-and-Production-in-2019.html
TORONTO, April 10, 2018 (GLOBE NEWSWIRE) -- Kerr Mines Inc. (TSX:KER) (OTC:KERMF) (FRA:7AZ1) (“Kerr” or the “Company”) is pleased to announce the results of the independent Pre-Feasibility study (“PFS”, “Study”) and resource update prepared by Hard Rock Consulting, LLC in accordance with National Instrument 43-101 (“NI 43-101”) for its past producing Copperstone Mine in Arizona, USA. On the momentum of a very successful 2017 Phase I exploration program and this PFS, the Company is pleased to confirm updated gold resources and positive economics at the Company’s Copperstone Mine in Arizona.
Copperstone PFS Highlights (all values US$ unless otherwise noted):
Base case $1,250/oz gold;
Initial capital of $22.7 million which includes a mine equipment capital lease;
Study life operating margin (EBITDA) of $89M, Internal rate of return of 40%;
Payback of initial capital within 2.3 years of 2019 production start;
Recovery of gold averaging 95% using crushing, grinding and whole ore leach;
Average annual sales of 38,347 ounces gold;
Cash Operating Cost of $684 per gold ounce;
All-in Sustaining Cost ("AISC") of $875 per gold ounce;
Measured and Indicated (“M&I”) Mineral Resources of 1,124,800 tonnes averaging 7.63 g/tonne gold;
276,100 ounces contained gold in M&I Resource;
Inferred Mineral Resources of 666,000 tonnes averaging 6.81 g/tonne gold;
145,700 ounces contained gold in Inferred;
Proven and Probable (“P&P”) Mineral Reserves of 802,048 tonnes averaging 6.79 g/tonne gold;
175,093 ounces contained gold in P&P Reserve;
M&I gold resources ounces, which are not part of the P&P reserve ounces, are targeted for potential inclusion in the P&P reserves through recommended future drilling;
Inferred gold resources are open for further expansion and conversion through recommended future drilling in the Copperstone and Footwall zones.
“The results of this PFS display the strong near-term production opportunity for the Copperstone Mine and robust returns for our investors. This is just the beginning," says Martin Kostuik, President. “The impressive exploration upside displayed by the 2017 Phase I program, the historical production of over 500,000 gold ounces and the potential to generate solid positive cash flows by identifying the first four years of gold production, all point toward the opportunity of many more years, beyond the Study timeframe, of profitable production. In fact, there are 100,000 gold ounces of M&I mineral resources that were not included in the P&P mineral resources, part of which are immediately accessible for drilling and potential inclusion.” Kostuik continued, “Our intention is to finance the initial capital through corporate debt. We are currently engaged in discussions focused on non-dilutive financing options with several lending groups to finalize our forthcoming production decision. Furthermore, we shall continue our efforts to enhance shareholder value by pursuing other value-adding activities such as conducting an intense 2018 exploration program which is designed to increase mine life”
Great work Kerr Team... Bravo!
Only if the BELATED PFS is posted ASAP...! & is actually positive? $$$
With an updated MINE Plan focused on Copperstone....
A very low capex...
Permits, Mill and varied infrastructure in place...
When will production begin? ETC...
« ... Kerr is on-track to announce the results of its pre-feasibility study including an NI 43-101 resource statement at the end of March, 2018.... »
http://kerrmines.com/kerr-mines-provides-operational-pfs-update/
Locked and fully loaded with these KERR Mines shares...
Well, I am hoping to see the Kerr prefeasibility study ASAP this Tuesday?
Let’s hope .... $$$
« ...Gold prices rise as dollar wilts, awaits U.S. data
By Renita D. Young and Jan Harvey
NEW YORK/LONDON, April 9 (Reuters) - Gold prices rose on Monday as the U.S. dollar turned lower, but caution over the prospect of a potential escalation in the China-U.S. trade dispute, upcoming U.S. data and U.S. Federal Reserve meeting minutes kept prices in a range. ... »
https://www.nasdaq.com/article/gold-prices-pare-losses-as-dollar-wilts-20180409-00754