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Apparently there were bad weather issues. Their updated website will be online on the 18 April next week. I expect positive news soon thereafter. We might have a winner here, the long waiting I believe may soon be over...
CMC has hit the jackpot so to speak. They have sold their 300,000 shares of MGX Minerals at around $2 for $600,000. Now they have sufficient funds available to start production.
Background press release 19 Oct 2016
"The Company further wishes to announce it has received 300,000 shares from MGX Minerals Inc. (“MGX”) pursuant to an agreement announced July 19, 2016 for the lease of the Silver Hart portable millby MGX for a period of 6 months. Upon completion of the term of the lease, the Plant will be shipped to the Company's operations in California, USA."
Thank you powerfullogic for the update. Lets hope 2017 will be the breakthrough year for future commercialization.
Bought some shares today. I am hoping for a good first half 2017. GLTA
Finally Jack Bal is history and the company is still alive. Scholz is buying shares in the open market. Hopefully good things to come. We might be a producer within the next couple of months.
Happy holidays season to everyone. Looks like Scholz is still bying shares in the open market. Does anyone have information on things to come?
News Release - Tuesday, October 04, 2016
Radcliff Joint Venture reports initial production in mineralized zone.
Vancouver, B.C.: CMC Metals Ltd. (the "Company") is pleased to announce that the Company and Pruett-Ballarat Inc. ("PBI"), the mine operator and the Company's joint venture ("JV") partner at the Radcliff Mine Property, have increased staffing and commenced routine mining. The JV previously announced September 1, 2016 the Company announced an agreement for toll milling of gold ore with Klondex Mines Operations Inc. ("Klondex"). The renewable agreement for purchase and sale of gold ore allows for Klondex to process up to 6,000 tons of oxide-dominated gold-bearing rock, in batches of 1,500 tons, at its ore processing mill at the Midas mine, situated in Elko county, Nevada. The agreement allows for an initial smaller test batch of Radcliff mineralized rock to be treated (approximately 500 tons). With an estimated 160 short tons ("tons") of development material existing at Ballarat camp, a further estimated 100 tons has been extracted and located at the Ballarat camp under the new routine mining regime, where the Company is equipping a loading station and commencing operations with a new download truck in preparation for shipping to Midas; the JV plans to commence trucking on or about October 15th. Material not qualified for processing at Midas will be stockpiled for processing at the Company's mill at Bishop California.
In the period since September 1, 2016, the JV has commenced a series of site modifications to ensure compliance with certain 'Cal OSHA' (California Occupational Safety and Health Administration) requirements in addition to the MSHA requirements previously reported. These requirements arise from a recent OSHA site visit in preparation for routine operation.
The Company's business plan is to selectively mine "high grade" portions1 of an indicated resource at Radcliff, with run-of-mine grade calibrated sub-sampling of mined material at the run-of-mine sub-sampling plant located at the 5510-level portal. Sampled material is submitted to an off-site laboratory.
1 The presence of "high grade material" at Radcliff is documented in the NI43-101 compliant technical report filed on SEDAR. The mineral resources as stated January 9, 2013, remain current mineral resources.
In parallel with the work at the Radcliff Mine, the Company is staffing to allow re-start of operations at its 100% owned Bishop Mill in Q1 2017. Work towards the implementation of a bond arrangement acceptable to the California Regional Water Quality Control Board - Lahontan region before year-end has commenced to allow the use of the Company's lined tailings impoundments facility. The Company is contracting to install vadose zone monitoring equipment adjacent to the facility, and has placed purchase orders for all major equipment for mill completion by year-end. The Mill is expected to process materials from the Radcliff mine, and other regional mineralized occurrences.
CMC President, Ian Graham commented: "The steady ramp-up at Radcliff is resulting from the sequential implementation of equipment and training of new staff: in parallel, compliance with multiple state regulators is a priority for allowing steady-state operations to commence."
The Company further wishes to announce that it has granted 550,000 common shares pursuant to incentive stock options under the Company's Rolling Stock Option Plan, which Plan received shareholder approval at its last Annual General Meeting held July 7, 2016. The options granted will be set for a two year period expiring October 4, 2018 at the exercise price of $0.125 per share. This transaction is subject to TSX Venture Exchange approval.
The Company further wishes to announce the cancellation of 321,428 common shares at $0.35 (post-consolidation), to certain directors of the Company, which options were originally set to expire on April 15, 2017.
On behalf of the Board:
"Michael Scholz"
Michael Scholz, Director
CMC METALS LTD.
If we are lucky CMC will soon be a producer...
GLTA
Thanks for the valuable information investwell. So there still seems to be a slim chance that we will receive some of our money back.
Jack Bal pulling dirty tricks again: Rollback...
Vancouver, B.C. / TheNewswire / February 10, 2016 - CMC Metals Ltd. (the "Company") wishes to announce that it will be proceeding with a rollback of its issued and outstanding common shares on a seven (7) old for one (1) new basis subject to TSX Venture Exchange (the "Exchange") approval, with an effective date of February 11, 2016. The Company received Shareholder approval to a consolidation at its Annual General Meeting held June 18, 2015, where, at that time, Shareholders granted authorization to the Board of Directors of the Company, at their discretion, the right to consolidate the Company's shares as they deemed fit and upon acceptancy of the Exchange.
Upon completion of the rollback, the Company will be conducting a private placement of up to 10,000,000 Units at $0.10 per Unit, each unit consisting of one common share and one transferable share purchase warrant. Two warrants will be exercisable for one additional common share at $0.12 per share for a two year period. The proceeds derived from the total 10,000,000 Unit placement will be used towards our ongoing costs associated with the further development of the Company's Bishop Mill and Radcliff Property projects held in the US. In excess of 50% of funds raised will come from insiders of the Company. A finder's fee may payable in relation to this private placement and the same is subject to Exchange approval.
The Company also wishes to announce an update on the Bishop Mill and Radcliff Mine projects. The Radcliff Mine is a fully permitted mine with ore stockpiled and waiting processing. The Company's initial plan was to ship ore to a local smelter but agreeable terms have not been achieved. The Company's plan is to make the Bishop Mill operational within the next 90 days and commence processing material from the Radcliff Mine.
To date, the Company has upgraded the mill to MSHA standards, installed an assay lab and a new lined tailings pond. To complete the mill, bird netting will be installed and a vadose zone well drilled. In addition, the Company has engaged Donald Wedman, P.Eng. to complete the remaining tasks and make the Bishop Mill operational to accept ore from the Radcliff Mine.
On behalf of the Board:
"Jack Bal"
Hopefully Jack Bal will be shown the door soon. This is inevitable as he does not get the job done. He is a waste of time!!
Our President is a joke. He never seems to stay true to his words. We should have been producing Gold since December 2014. Just look at the website...
Nothing but lies – Best of Jack Bal
News release 4 December 2013
“Construction of the tailings pond will begin before the end of the year.”
News release 18 March 2014
- “Exploration and development drifting and drilling will occur to define the extent of the high grade zone plus prepare development workings. As the development workings proceed, ore will be produced.”
- “The Bishop Mill is expected to be functional in June 2014.”
News release 24 September 2014
“The pond has been excavated and installation of the liner will commence within the next two weeks and will take an additional two weeks to complete. A new assay lab has been installed and upgrades to the Mill are ongoing. The Company anticipates being operational at the Bishop Mill with stock piled ore prior to year end.”
News release 22 October 2014
“International Lining Technology will commence installation of the pond liner in one week.”
Interview October 2014
- “We are drifting to a zone that was intersected by a high grade intersection of over 5 ounces gold per ton. We have an option to ship directly to Newmont to create cash-flow before the mill is fully operational.”
- “We will need $400k to complete both Mill and Mine.”
- “The company is run very efficiently. We realize pro¬fit is the most important thing for a junior company.”
- “We are submitting a new exploration permit shortly.” (related to Silver Hart)
News release 11 March 2015
“It is anticipated that the Bishop Mill will be fully operational in the next sixty (60) days.”
News release 25 June 2015
“Final permitting is progressing at the Bishop Mill and the Company expects completion shortly.”
Looks like Jack Bal is currently more focused on his other ventures than bringing this one into production...
Increase and Closing of $0.05 Unit Private Placement
News Release - Monday, June 29, 2015
Vancouver, B.C.: CMC Metals Ltd. (the "Company") wishes to announce that it has increased its originally announced 11,000,000 Unit private placement as announced pursuant to its June 10, 2015 press release, to 12,000,000 Units on the same terms and conditions as set out in the referenced release and has closed the placement. The Units remain at $0.05 per Unit with each Unit consisting of one common share and one transferable share purchase warrant. Each one warrant will be exercisable for one additional common share at $0.07 per share for a two year period. The proceeds derived from the total 12,000,000 Unit private placement will be used to continue the Company's operations at the Bishop Mill and Radcliff projects held in the United States. A finder's fee is payable pursuant to this placement by way of cash and broker's warrants equal to 8.5% of the total raised by the finder, being a total of $33,787.50 in cash and 675,750 in broker's warrants issued on the same terms and conditions as the Units.
On behalf of the Board:
"Jack Bal"
Jack Bal, President & CEO
CMC METALS LTD.
Geez, time goes by fast...
New High Grade Gold Assays
LONDON, ENGLAND / ACCESSWIRE / June 25, 2015 / Today, CMC Metals Ltd. (TSX.V: CMB) has provided an update on the progress of its 50% owned Radcliff Mine and 100% owned Bishop Mill in California, USA. As has been shown with an initiating coverage and update #1, the company already started to mine out a high-grade portion of the deposit.
As per today’s press release, a total of 20 new assay results were disclosed. These channel samples were collected systematically from the north and south side of the 5510 level drift within the mineralized zone. Each sample had a horizontal distance of 0.60 meters along the drift wall. Within the mineralized zone, a 2.40 meter interval returned 21 g/t gold.
Table of gold assays: http://rockstone-research.com/images/5/tab1ENG.png.
The above quoted grades are only preliminary. Additional assays to test for presence of "coarse metallic gold" are in progress. If found, the above quoted grades may turn out much higher.
As per today’s news:
"Material from the mineralized zone is currently being stockpiled adjacent to the Radcliff Mine workings pending final approval of the operating permit for the Company’s Bishop Mill. The Company’s current business plan is to selectively mine portions of the high grade indicated resource (reference Ristorcelli, 2015) by underground mining methods and process this material at its wholly owned mill located near the town of Bishop approximately 150 kilometers North of the mine. Pruett, the current operator of the Radcliff project, continues to work with a local smelter within trucking distance to secure a contract to direct ship mineralized material from the current underground workings."
CMC’s CEO, Jack Bal, commented:
"Systematic channel sampling at Radcliff has confirmed the presence of high grade material at Radcliff and management is actively reviewing processing options, including shipping directly to a smelter. Final permitting is progressing at the Bishop Mill and the Company expects completion shortly."
Either way, when CMC receives full approval for Bishop Mill and/or when negotiations with the nearby smelter are successful, such news should be the starting shot for regular cash-flow generation.
Currently, CMC has a market capitalization of $7 million CAD. Technically, the share price is in an upward trend since early 2015. In April, the upper (blue) triangle leg was broken and a "breakout" occurred. The subsequent pullbacks to the formerly resistive (blue) triangle leg were completed successfully (in order to test and confirm this trendline as new and sustainable support). As the price has started to rise after reaching the triangle’s apex, a "thrust" to the upside is anticipated.
The full article can be read via the following links:
English:
http://rockstone-research.com/index.php/en/9-research-spotlight-english/324-new-high-grade-gold-assays
German:
http://rockstone-research.com/index.php/de/8-research-spotlight-german/322-hochgradige-gold-vererzungen-in-radcliff-bestaetigt
Within the mineralized zone, an 8.0 foot (2.40 meter) interval returned 0.617 oz/ton gold (21.18 g/t).
The numbers are not so good as previously hyped by management and in the paid reports...
Some hope:
Jack Bal, CEO of the Company, states "Systematic channel sampling at Radcliff has confirmed the presence of high grade material at Radcliff and management is actively reviewing processing options, including shipping directly to a smelter. Final permitting is progressing at the Bishop Mill and the Company expects completion shortly".
But!!: Never take a word for granted from the management of this company...
Radcliff Property Update 5510 Level Mineralized Zone Channel Sample Assays
Vancouver, B.C. / TheNewswire / July 25 2015 - CMC Metals Ltd. (the "Company") wishes to provide a further update on the status at the Radcliff Mine which forms part of the World Beater Property. The Company holds a 100% interest in the Bishop Mill and owns a 50% interest in the World Beater Property and Radcliff Mine.
As per the Company's press release dated April 15, 2015, Pruett Ballarat Inc., ("Pruett") (the current operator of the Radcliff project), advised the Company in early April that underground development work on the 5510 Level adit had intersected the targeted high grade mineralized zone. The mineralized zone was partially defined by previous drilling and the 5510 Level adit was driven roughly perpendicular to the strike of the mineralized zone. According to Pruett, mineralization occurs over a drift length of approximately 20 feet (6.1 meters) from Station 1+20 to Station 1+40. The mineralized zone appears to be inclined at approximately 45 degrees and the true width of the zone is estimated at 12 feet (3.7 meters).
According to CMC staff onsite, the channel samples were collected from diamond saw cut intervals along both sides of the 5510 Level drift. A total of 20 samples were collected. Each sample reportedly represents a two foot (0.60 meter) horizontal distance along the drift wall. Within the mineralized zone, an 8.0 foot (2.40 meter) interval returned 0.617 oz/ton gold (21.18 g/t). The following table lists the sample results received from ALS Global. Samples from the North side of the drift are labelled N-001 to N-010 and samples from the South side are labelled S-001 to S-010.
Table 1: Radcliff Mine 5510 Drift Channel Samples
North Side 5510 Level Drift South Side 5510 Level Drift
Sample No. Grade (g/t) Grade (oz/ton) Sample No. Grade (g/t) Grade (oz/ton)
N-001 9.34 .27 S-001 3.55 .10
N-002 55.40 1.62 S-002 16.50 .48
N-003 5.71 .17 S-003 7.56 .22
N-004 14.25 .42 S-004 2.02 .06
N-005 6.51 .19 S-005 17.65 .51
N-006 3.38 .10 S-006 43.60 1.27
N-007 3.81 .11 S-007 8.51 .25
N-008 7.94 .23 S-008 3.44 .10
N-009 4.36 .13 S-009 1.02 .03
N-010 4.65 .14 S-010 0.12 .004
It is important to note that the assays reported in Table 1 represent preliminary assays only. Additional assays designed to test for the presence of coarse metallic gold are in progress. In the event that the presence of coarse gold is confirmed, the average grade of the mineralized zone could be higher than reported. It is also important to note that no systematic QA and QC program has been implemented by a Qualified Person (as that terms is defined in 43-101F1 requirements) to verify the assay results reported in this release. Results from the 10 muck samples referenced in the Company's press release dated April 15, 2015 have not yet been received.
Material from the mineralized zone is currently being stockpiled adjacent to the Radcliff Mine workings pending final approval of the operating permit for the Company's Bishop Mill. The Company's current business plan is to selectively mine portions of the high grade indicated resource (reference Ristorcelli, 2015) by underground mining methods and process this material at its wholly owned mill located near the town of Bishop approximately 150 kilometers North of the mine. Pruett, the current operator of the Radcliff project, continues to work with a local smelter within trucking distance to secure a contract to direct ship mineralized material from the current underground workings.
The Company advises that management has not based its production decision on a feasibility study of mineral reserves, demonstrating economic and technical viability, and as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved. Failure to commence production would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability.
The scientific and technical data contained in this news release pertaining to the World Beater / Radcliff Mine Project was prepared under the supervision of Carl von Einsiedel, PGeo. who is responsible for ensuring that the geologic information provided in this news release is accurate. Mr. von Einsiedel is a "non-independent qualified person" as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Jack Bal, CEO of the Company, states "Systematic channel sampling at Radcliff has confirmed the presence of high grade material at Radcliff and management is actively reviewing processing options, including shipping directly to a smelter. Final permitting is progressing at the Bishop Mill and the Company expects completion shortly".
On behalf of the Board:
"Jack Bal" __
Jack Bal, President & CEO
CMC METALS LTD.
Someone posted a news release on another board. Don't know if it is legit but it is pretty funny (at least for those who do not own this crap...)
Vancouver, B.C.: CMC Metals Ltd. (the "Company") wishes to announce that it has changed it's company's website. CMC Metals Ltd. is no longer focused on providing sustainable growth and value to the shareholders through the progressive development of precious metal properties to production phase. CMC Metals Ltd. is now focused on providing sustainable growth and value to the insiders by publishing news strategically. To accomplish that for example i have sold 300.000 shares for .07 before i have published the article about further dillution. Now i can visit a nice restaurant this weekend to have a romantic dinner with my boyfriend Michael Scholz. The best thing about it is that regular shareholders are paying the bill! I know that it's not allowed but i only make $5000 a month for being a parttime CEO of this company. I also receive a monthly check for being a parttime CEO of Cardiff Energy Corp. Last week I exercised my 750.000 V.CRS warrants for a great price of .08 and sold 150.000 pieces at .20 and 100.000 at .21. Have a nice weekend!!!
On behalf of the Board:
"Jack Bal"
Jack Bal, President & CEO
CMC METALS LTD.
For further information on the Company, please contact Mr. Jack Bal, CEO, Telephone: 604-306-5285jackbalyvr@gmail.com.
Jack Bal sure looks like a liar repeatedly. Below is a best of:
March 2014
“The Bishop Mill is expected to be functional in June 2014.”
September 2014
“The construction of the tailings pond at the Bishop Mill started in March 2014. The pond has been excavated and installation of the liner will commence within the next two weeks and will take an additional two weeks to complete…..The Company anticipates being operational at the Bishop Mill with stock piled ore prior to year end.”
October 2014
“We will need $400k to complete both Mill and Mine.”
March 2015
“It is anticipated that the Bishop Mill will be fully operational in the next sixty (60) days.”
Several pp later we are still not producing any gold…Most likely he is currently preparing another round of pump activities with paid reports and additional bogus information. Looks like he simply cannot get the job done to the benefit of the shareholders…
New $550,000 / 11,000,000 Unit Private Placement at $0.05 per Unit
Vancouver, B.C. / TheNewswire / June 10, 2015 - CMC Metals Ltd. (the "Company") wishes to announce that it has agreed to issue up to 11,000,000 Units at $0.05 per unit, each unit consisting of one common share and one transferable share purchase warrant. One warrant will be exercisable for one additional common share at $0.07 per share for a two year period. The proceeds derived from this placement will be used towards further development of the Company's Bishop Mill and Radcliff Property projects held in the US. A finder's fees may payable in relation to this private placement. This transaction is subject to TSX Venture Exchange approval.
The Company wishes to clarify the terms of the options to be granted pursuant to its June 10, 2015 Press Release disseminated earlier today, in that the expiration date of the options is June 10, 2017, not June 10, 2015 as incorrectly referenced in the earlier June 10, 2015 Press Release.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
On behalf of the Board:
"Jack Bal" __
Jack Bal, President & CEO
CMC METALS LTD.
This is getting absurd. Jack Bal needs to go. Looking back at the previous news releases he is either continously lying or he simply does not have a clue. Zero credibility...
So where is the good news?
Somehow it seems like a never ending story with CMC...
0.05
"Gold Pod #1 has an indicated resource of around 24,000 oz gold with an average mineralization of 35 g/t gold (1 oz/t)."
"At an average mining rate of 2,000 t/month, Gold Pod #1 could be mined out in 12 months (unless it turns out to be larger than expected, which may become reality shortly with new assays)."
"The last indicated resource of all high grade gold pods (“lenses”) stood at around 84,000 oz at an average mineralization of 22 g/t gold. Hence, CMC and Pruett-Ballarat should be mining for at least 4 years consecutively and generating around 84 million USD at a gold price of 1,000 USD/oz. With its 50% stake, CMC may receive 42 million USD in 4 years (0.9 million USD/month on average)."
"The production costs of a mineralization with 0.5 oz/t gold are estimated between 600-700 USD/oz for Radcliff, thus costs for significantly higher graded material may be reduced substantially. No matter what, profit margins should turn out to be exceptionally high despite low gold prices."
bought some more today. hopefully good things to come...
"...the arithmetic average of the samples is 2.55 oz/ton."
Previous calculation were based on 0.5 oz/ton. If the average would be 1.5 oz/ton cmc would earn $ 10 million in the first year. Sounds promising imo
Maybe, we will see. Gold above $1200 will certainly help once we are producing...
Bought some more shares today. Hoping the long waiting period is coming to its end...
GLTA
Looking good, up 11% today!
lol
Well, looks like new bagholders are on board...Don't expect a upward moving sockprice anytime soon. The only thing that matters are results for CMC!
http://www.rockstone-research.de/research/RockstoneCMC1english.pdf
"As soon as the news-flow starts to increase – thanks to the start of mining and milling at the Radcliff Mine and Bishop Mill – the price is anticipated to appreciate significantly to its 2011-high at around $0.50 CAD until 2016.""
Pretty heavy stuff
12,5 million new shares plus same amount of warrants. Nice dilution...
12,500,000 Unit Private Placement @ $0.04 per Unit
Vancouver, B.C.: CMC Metals Ltd. (the "Company") wishes to announce that it has agreed to issue up to 12,500,000 Units at $0.04 per unit, each unit consisting of one common share and one transferable share purchase warrant. One warrant will be exercisable for one additional common share at $0.05 per share for a two year period. The proceeds derived from the total 12,500,000 Unit placement will be used towards our current payables of approximately $300,000, our ongoing administrative costs of approximately $100,000, and our ongoing costs associate with the further development of the Company's Bishop Mill and Radcliff Property projects held in the US, and the Silver Hart Property held in Canada, of approximately $100,000. A finder's fees may payable in relation to this private placement. This transaction is subject to TSX Venture Exchange approval.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
On behalf of the Board:
"Jack Bal"
Jack Bal, CEO
CMC METALS LTD.
News, but not the one we have been looking for...
January 21, 2015
Clarification concerning World Beater Property aka Radcliff Property, California & Silver Hart Property, Yukon
Vancouver, B.C.: CMC Metals Ltd. (the "Company") wishes to announce that as a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify our disclosure regarding the World Beater Gold Property (also referred to as the Radcliff Property) located in California and the Silver Hart Property in the Yukon.
World Beater Property (also referred to as the Radcliff Property), Inyo County, California
On January 9, 2013 the Company filed a 43-101 Technical Report titled, Updated Report on the World Beater Gold Property, Inyo County, California prepared by Steven Ristorcelli that disclosed a current mineral resource. It was determined that the report was not compliant with the requirements of NI 43-101 and Form 43-101F1. The Company has filed on today's date an amended Technical Report on SEDAR which discloses additional information regarding the qualifications of the report author and previous metallurgical test work that has been completed on the property. The Company confirms that the mineral resources which were stated as current mineral resources in the January 9, 2013 Technical Report remain classified as current mineral resources.
On or about January 9, 2013 the Company posted a Corporate Presentation on its website which disclosed technical information regarding the Company's World Beater (Radcliff Property).
On page 13 of the corporate presentation the Company disclosed details of a plan to mine a high-grade zone from the Radcliff property for processing at its Bishop mill facility.
In addition to the disclosure on page 13 of the corporate presentation the Company's news releases dated July 18, 2013, March 04, 2014, March 18, 2014, September 24, 2014, frequently use the word, "ore", in reference to the Radcliff Mine.
NI 43-101 considers the use of the word "ore" in the context of mineral resource estimates to be potentially misleading because "ore" by definition implies technical and economic viability that should only be attributed to mineral reserves.
The presentation and the referenced press releases do not disclose the name and the relationship to the issuer of the qualified person who has prepared, supervised the preparation of, or approved the scientific and technical information disclosed in the presentation. This is required under section 3.1 (a) (b) of NI 43-101. The Company's "corporate presentation" has been removed from the web site and is currently being revised by Mr. von Einsiedel, PGeo. who is a director of the Company and acting as the Company's Qualified Person. The revised presentation will reference the amended version of the 43-101 Technical Report filed on SEDAR.
The Company's current business plan is to selectively mine high grade portions of the indicated resource by underground mining and process this material at its nearby Bishop mill facility. The presence of "high grade material" at Radcliff is documented in the 43-101 compliant Technical Report filed on SEDAR.
The Company does not, currently, have plans to support its production decision with a pre-feasibility study or feasibility study as those terms are defined in NI 43-101. Under these circumstances, there is increased risk of technical and economic failure for the Radcliff project.
The Company advises that it has not based its production decision on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved. Failure to commence production would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability.
On page 14 of the corporate presentation the Company discloses a non-compliant resource estimate attributed to the Company's joint venture partner Pruett Ballarat Inc. The Company advises that the statement attributed to Pruett Ballarat is not supported by the Company's Technical Report and the Company hereby retracts this disclosure statement.
In the Company's news release dated March 18, 2014 a non-compliant resource estimate is disclosed. The Company hereby retracts this disclosure statement.
On the home page of the Company's website under the heading Radcliff Mine and on the Projects tab under the heading Radcliff - Mining Operation, the Company discloses plans for 2014 to, "continue construction of the 5510 adit towards the high grade drill intersects and that the Radcliff Mine will stock pile ore in anticipation of commencement of operations of the Bishop Mill and production of concentrate for sale in December 2014."
Under the heading Bishop Mill the Company discloses that, "The Bishop Mill will operate at 2,000 tons per month and the ore to be processed at the facility will be supplied from the 50% Company owned Radcliff Mine near Ballarat, California".
NI 43-101 considers the use of the word "ore" in the context of resource estimates to be potentially misleading because "ore" by definition implies technical and economic viability that should only be attributed to mineral reserves. The Company does not, currently, have plans to support its production decision with a pre-feasibility study or feasibility study as those terms are defined in NI 43-101. Under these circumstances, there is increased risk of technical and economic failure for the Radcliff project.
The information concerning the World Beater / Radcliff Mine Project has been removed from the Company's website pending addition of appropriate cautions disclosing the fact that such activities are at higher risk of technical and economic failure.
The Company advises that it has not based its production decision at the World Beater / Radcliff Mine Project on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved. Failure to commence production would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability.
Silver Hart Property, Yukon
On page 21 of the Company's corporate presentation the Company made a statement regarding the economic viability of the Silver Hart Property. The Company has not completed a pre-feasibility or feasibility study as those terms are defined in NI 43-101 that supports this statement. The Company hereby retracts its statement regarding the economic viability of the Silver Hart property and has removed the "corporate presentation" from the Company's web site.
The scientific and technical data contained in this news release pertaining to the World Beater / Radcliff Mine Project and the Silver Hart Property was prepared under the supervision of Carl von Einsiedel, PGeo. who is responsible for ensuring
that the geologic information provided in this news release is accurate. Mr. von Einsiedel is a "non-independent qualified person" as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
On behalf of the Board:
"Jack Bal"
Jack Bal, President & CEO
CMC METALS LTD.
I assume that the lower oil price and energy costs will help to improve our bottom line results when production starts.
Look like they did a pp at the end of 2014
https://canadianinsider.com/node/7?ticker=CMB
Hopefully the funds will be sufficiant to finally start production...