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November 12, 2013 - Closing of 15,000,000 / $0.05 Unit Private Placement
Vancouver, B.C.: CMC Metals Ltd. (the "Company") wishes to announce that it has completed its previously announced private placement (see press release dated September 5, 2013) of 15,000,000 units (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of $750,000 (the "Offering"). Of the total 15,000,000 Units offered, 9,540,000 were non-flow-through and 5,460,000 were flow-through Units, which allocation has been revised from our original announcement of September 5, 2013 wherein the Company advised that 12,000,000 of the total 15,000,000 Units being offered were non-flow-through and 3,000,000 were to be flow-through. Each Unit consists of one common share in the capital of the Company and one common share purchase warrant (a "Warrant"), and of the total 15,000,000 common shares to be issued, 5,460,000 common shares are flow-through common shares. The Warrants issued pursuant to this placement are all non-flow-through. Each Warrant entitles the holder to purchase one common share in the capital of the Company (a "Share") for a period of two years, expiring October 30, 2015, and exercisable at $0.05 per Share if exercised during year one, and $0.10 per Share if exercised during year two. A finder's fee equal to 2% of the total proceeds raised pursuant to this transaction was paid. The Company confirms the proceeds of this placement will be used to start up operations of the Company's Bishop Mill property in California, and the further development of its Canadian properties, as well as general working capital.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
On behalf of the Board:
"Michael C. Scholz"
Michael C. Scholz
CMC METALS LTD.
The further delay will mean additional dilution and issuing of new shares.
We will be lucky if CMC produces gold until the end of the first half 2014, if any at all.
Obviously we have a very weak management which does not seem to have expertise and experience in what they are doing. Some highlights below:
- Prefabricated a mill for the Silver Hart property which was never used as they did not get the necessary permits.
- Did not renew the Class 3 permit for the Silver Hart property in time so that they could do further rounds of bulk sampling in 2012 and 2013 (this would have reduced the amount of new shares issued)
- The delay at the Bishop Mill. Seems like a never ending story to me…
I am also active in the management business. If I would come up with such business plans and would fail to realize them as CMC does, I would not be around in my job anymore (JMHO).
Until now we never saw any calculations on the possible income of the Bishop Mill from management. Would be interesting to now what the cash costs of gold per ounce are etc. In light of the above this raises further doubts. Guess there will be more troubles and unpleasant surprises down the road...
Latest news release is the same old story...
Thursday, October 31, 2013
Bishop Mill Facility Authority to Construct Permit
Vancouver, B.C.: CMC Metals Ltd. (the "Company") is pleased to announce that it has received the Authority to Construct permit from the Great Basin Unified Air Pollution Control District. The permit dictates air quality requirements, monitoring protocols, and reporting during construction and operation of the Bishop Mill facilities. The Company is also completing the Final Construction Plans, Specifications, Design Justification, Foreseeable Release Action Plans, Preliminary Closure Plans, Post Closure Maintenance Plans, giving the Notice of Intent for the Storm water National Pollution Discharge Elimination System permit and Financial Assurance evaluation as required under the Water Boards WDR approval. It is estimated that the pond construction will commence prior to year end.
In compliance with NI 43-101, Don Wedman, P.Eng., President and Chief Executive Officer of the Company, is the Qualified Person who prepared or supervised the preparation of the technical information presented in this news 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:
"Donald W. Wedman"
Donald W. Wedman, P.Eng.
CMC METALS LTD.
Over 2 million shares traded yesterday.
0.05 2,000,000 TSXV 14:34:55 Oct 30, 2013
Lets hope this is a good sign...
xrymd, the financial liabilities as of June 2013 are the following:
Trade payables $ 257,062
Due to related parties 50,416
Promissory note 636,955
Current debt 639,197
Total $ 1,583,630
Preferred shares $ 450,352
Some additional thoughts on the calculation
According to a press release July 18, 2013 the operational goals are the folloing: "Operational goals for the facility are to achieve a monthly production of 2000 tons per month and a minimum recovery of 85 percent."
Therefore the adapted calculation would be:
2000 tpm * 0.5 oz/ton * 85% recovery * 50% mine share = 425 oz gold/month. Revenue at today’s gold price $1300 - $900 = $400 * 425 oz = $170,000 per month * 12 month = 2.04 million.
We will find out eventually...
What to expect in 2014
Unfortunately 2013 has not proven to be the year for CMC. Instead we hit new lows.
Hopefully they will get their act together in 2014. Two things to look out for:
1.Income from Bishop Mill. I read in the introduction estimations are of 4-5 MUSD per year.
2.Bulk sampling at Silver Hart. First they have to get their Class 3 permit. We know how long permits can take from the Bishop Mill. I estimate the possible income at around 1 MUSD. As stated previously numbers of the previous bulk samples are very intransparent in view of the various press releases (one could even assume that this is done intentionally imo).
That would make 5-6 MUSD total income. With 80 million shares outstanding and a current market cap of 3.2 MUSD we might see some movement.
Questionable is if the 4-5 MUSD of the Bishop Mill is the earnings for the 50% share of CMC or if it will have to be splitted with their partner. Obviously, in this case the upside potential is not that great.
Altogether, I am personally not very optimistic and neither is the market. CMC has made some nice plans in the past, but they never came into fruition…
October 16, 2013 - Silver Hart Class 3 Exploration Application Filed
Vancouver, B.C.: CMC Metals Ltd. (the "Company") is pleased to announce that a 5-year, Class 3 Exploration application was filed for review and approval with the Yukon Territorial Government (YTG). The proposed exploration includes an air TEM geophysical survey over the entire claim block, expanded geochemical soil survey, RC and core drilling, trenching shallow showings, and metallurgical bulk sampling. There are a number of exploration goals that are set to be evaluated. These include a broad geological model and anomaly targeting with the TEM survey, anomaly detail targeting with geochemical soil surveys, anomaly testing with RC and core drilling, trenching of shallow showings to evaluate continuity and grade plus bulk sampling to test processing characteristics at oversea facilities for long term contracts. The bulk sampling will also evaluate the economic cut-off grade that can be used to assess the resources plus for developing a new mine plan for future Class 4 mine operations license. The January 14th, 2010 Silver Hart Technical Report current base cut-off grade used was 900 gpt (26.25 opt) silver at an average silver price of $8.60 per troy ounce. A large portion of the drill information and mineralized area was eliminated from resource estimate due to the current economic conditions at the time of producing the Technical Report. Once the bulk samples have been evaluated, an updated Technical Report will proceed.
Prior to YTG reviewing and approving the application, the Yukon Environmental and Socio-economic Assessment Board YESAB) will need to conduct an assessment of the proposed exploration program. An application will be submitted to YESAB shortly for review. Time lines for approval will vary based on potential additional information that both YTG, YESAB, and First Nation's may require to complete the review and approvals.
In compliance with NI 43-101, Don Wedman, P.Eng., President and Chief Executive Officer of the Company, is the Qualified Person who prepared or supervised the preparation of the technical information presented in this news 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:
"Donald W. Wedman"
Donald W. Wedman, P.Eng.
CMC METALS LTD.
I recently saw again one of my favorite movies
Once upon a time in America. Unfortunately those times are gone. Otherwise I would send them some guys with baseball bats for a visit...
Thanks johanferm for the heads up
We will have to continue to wait as always with CMC Metals.
I am not so positive on the stock price anymore. Management has a history in failing to realize their plans and they therefore keep issuing new shares.
I have not seen any calculations from the company on the potential income from the Bishop Mill. Hopefully they know what they are doing...
The current stock price is in my opinion a reflection of the inability of the current management to get the job done.
Having siad that I of course hope that time will prove me wrong...
Shouldn't we already be producing?
July 18, 2013
Bishop Process Facilities Update
Also, the Company would like to announce that it is completing the final transfer of the required Reclamation Bond of $191,269 US to be held by the Bureau of Land Management for the Bishop Mill Site. Once the bond is in place, construction activity will begin. The schedule for construction will entail the earthworks for the tailings impoundment that will take an estimated 4 weeks, installation of the liner system that will take an estimated 1 week, facility upgrades and testing will take an estimated 4 weeks. Current mill capacity is 50 tons per day. As part of the upgrades, we are increasing the capacity to 100 tons per day. Prior to the commissioning, we will have a minimum of 500 tons of Radcliff ore delivered to the site for pre-production testing of the facilities.
CMC has a history in disappointing investors.
Not much has come to fruition in the past. Instead they are constantly issuing new shares. Pretty ugly the recent 15 million new shares. Just like that they raise the outstanding shares by almost a quarter.
It will be interesting to see if they can run the Bishop Mill successfully and generate profits. I have seen enough companies that failed at such a task.
With this in mind the recent stock price drop is not surprising...
September 05, 2013: 15,000,000 Unit Private Placement @ $0.05 per Unit
Radcliff Metallurgical Study Results / 15,000,000 Unit Private Placement @ $0.05 per Unit
Vancouver, B.C.: CMC Metals Ltd. (the "Company") is pleased to announce the Metallurgical test results performed by Kappes, Cassiday and Associates in Reno, Nevada on the representative sample of the Radcliff mineralized rock. The test results are a bench scale test of the flotation response that we could expect at the Bishop Mill facilities, processing the material from the Radcliff/ Worldbeater property. The following are the test results:
http://www.cmcmetals.ca/s/NewsReleases.asp?ReportID=601316&_Type=News-Releases&_Title=Radcliff-Metallurgical-Study-Results-15000000-Unit-Private-Placement-0.05-p...
All Head and flotation product assays were determined by Fire Assay (30 grams) for Au, and wet analysis in duplicate for Ag.
The results determined were comparable to past historical results conducted by past owners of the property. Based on the results the Company is very pleased with response to flotation concentration method and is structuring the commissioning of the Bishop Mill facilities to meet or exceed the bench scale results.
In addition, the Company wishes to announce that it has agreed to issue up to 15,000,000 Units at $0.05 per unit, each unit consisting of one common share and one transferable share purchase warrant, of which 3,000,000 Units are flow-through. One warrant will be exercisable for one additional common share at $0.05 per share during year one, and $0.10 per share during year two. The warrants attached to the flow-through Units are non-flow-through on exercise. The majority of the proceeds derived from the total 15,000,000 Unit placement will be used to start up operations of the Company's Bishop Mill property in California, and further development of its Canadian properties, as well as general working capital. A finder's fee by way of cash may be payable in relation to this private placement. This transaction is subject to TSX Venture Exchange approval.
In compliance with NI 43-101, Don Wedman, P.Eng., President and Chief Executive Officer of the Company, is the Qualified Person who prepared or supervised the preparation of the technical information presented in this news 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:
"Donald W. Wedman"
Donald W. Wedman, P.Eng.
CMC METALS LTD.
Liquidity risk according to Q3 Report
"Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The
Company has a planning and budgeting process in place to help
determine the funds required to support the Company’s
normal operating requirements on an ongoing basis. The Company ensures that there are sufficient funds to meet its short-term
business requirements, taking into account its anticipated
cash flows from operations and its holdings of cash."
Extremely poor communication from the company imo
One always has to guess what is going on. Numbers of the bulk sample are very intransparent in view of the various previous press releases.
At least they terminated the contract with the PR consultant. You gotta be kidding me, $ 6,500 per month, for what???
Excerpt from the Third Quarter Financials report:
11. COMMITMENTS
Effective February 1, 2010, the Company entered into a Services Agreement for financial consulting and investor relation services, pursuant to which the Company was obligated to pay the consultant a fee of $6,500 per month and the
Services Agreement can be terminated with 120 days notice.
As of February 1, 2013, the Company and the consultant
agreed to reduce the fee being paid pursuant to the Service Agreement to $2,500 per month. As of April 1, 2013, the
Company and the consultant agreed to temporarily suspended services until further notice. During the nine months
period ended June 30, 2013, included in consulting expenses is $31,500 (June 30, 2012 - $58,500) to the consultant
Interesting Info in Third Quarter 2013 MD&A
CMC released information on the Quarter Ended June 30, 2013, as of August 23, 2013
Excerpt of page 2:
During the 2011 fiscal year, the Company extracted a logistical 130.8 dry tonne bulk sample from the Silver Hart property
and received $445,000(USD. During the 2012 fiscal year, the Company sent a second bulk sample of 114.1 dry tonnes and received $311,401(USD)pursuant to a letter of credit with a purchaser of the second bulk sample extracted from the Silver Hart Property. A third shipment of 268.6 dry tonnes was shipped in April, 2013 and the Company received $205,885(USD). During 2012, there was no activity on the Silver Hart property due to the Class 3 permit requiring renewal as of May 2012. The Company is preparing a updated submission to the Yukon Government for a new Class 3 permit and will be submitted by the end of the fourth quarter of 2013.
Silver Hart
On their website CMC Metals stated that in 2013 they will be applying for a class 3 exploration permit allowing the company to do additional bulk sampling and further exploration at Silver Hart.
Hopefully, they will get this done and receive a permit so that they can start bulk sampling again in 2014. According to the calculation in the "Introductory Description" this would mean:
2000 ton x 3500 g/t = 7 000 000 gram Ag
7 000 000 gram / 31.1 = 225 000 oz Ag
225 000 oz Ag x 24 USD/oz = 5.4 MUSD
After costs of 25% = 4 MUSD
According to a press release of 23 April 2007 they “started the permitting process for the development of the Silver Hart property. There are three applications that will be forwarded for approval. These include a multi-year Class III Exploration Operating Plan, a Mine/Mill Development Operating Plan Approval and a Class B Water License.”
According to a press release of 28 May 2007 they received the permit on 23 May 2007: “On May 23rd we received confirmation of the approval for the Class III Exploration permit required for the continuation of exploring for resources at the site during the operational phase of the project. The approval is for a five year period and also allows the access road upgrades to proceed to improve the ability to move heavy equipment to the site.”
This means that the process to receive the class 3 exploration permit does not take very long. If they get the permit and start bulk sampling again in 2014, together with the income from the Bishop Mill, I believe we will see the stock in a price range of 0.30-0.40
GLTA
At least some sign of movement. Lets wait and see if it means something that the website is back up again...
Correct, as it looks like we will finally be a gold producer in Q4 of 2013. Let's roll
Fishin, very good to see your activities. I have 470.000 shares. As I cannot send private replies via Investorhub you could maybe send me your email address in a private message? I will then contact you with my private email address for possible future easier direct communication.
When did anybody here on the board had the last contact with management of Apex? What did say say? Assumingly lies, but nevertheless I would be interested to know if they can be contacted and if they respond.
An update would be nice...
Still waiting on news regarding
- progress at Bishop
- income and final numbers on the Silver Hart bulk sample
And I hope that they will get it done in 2013 to apply for a Mining License that will allow for processing ore on the Silver Hart property. This would provide CMC with a sound annual income in addition to Bishop. Just look at the calcuation in the "Introductory Description". Impressing numbers...
Hi fishin, have you already taken them down yourself or are you still waiting with some kind of optimism?
Thanks and best regards
BMGS
0.045 at TSXV
Bought some more shares today. Could not resist as current market cap is below 3 million. What a joke. CMC looks to be the real thing imo. Hang in there guys.
If this drops to 5 cents I will consider buying more shares.
With a little luck the income through the bulk sample sale will be 3 million $...
bigone, hopefully sooner than later
I compiled some indications on how long it will take to start production in a previous message:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=87798123
According to previous statements by CMC it should not take very long, only a few weeks...
Old article but worth reading
The article was published in late 2010 at
http://miningmarketwatch.net/cmb.htm
1) Bishop Mill facility, Bishop California, USA - 100% Owned, Long term debt free
Fully permitted mill with water rights grandfathered in • Only mill within 8 hour driving radius
Figure 1. CMB.V's Bishop Mill facility Fully permitted mill, upgradable to 300TPD.
CMC Metals 100% owned Bishop Mill facility, located in Bishop California, was built in 1985 for Mammoth Mountain Mining and acquired earlier this year by CMC Metals to capitalize on its unique positioning as a fully permitted mill sitting geographically as the only mill located within a very large geographic radius central to a number of permitted gold, silver, and poly-metallic mines. The Mill is a permitted past operational mill capable of gravity concentrating gold and sulfide ores. CMC Metals also owns five claims which surround the Mill, an additional 3200 square foot warehouse, and a 960 square foot equipment maintenance building. The Mill is fully secured by fence, line power to the site, one mile from a paved highway and contains a water well (with grandfathered rights to draw) for operational use.
The recently purchased Bishop Mill is intended to be a source for permitted mines in the area to process ore. The company intends to not only earn income from ore concentrate but will also seek to acquire a potential interest in the underlying mineral properties. Mining MarketWatch Journal contacted Donald Wedman, B.Sc. (Engineering), P.Eng., President & CEO of CMC Metals Ltd about the project and he was able to confirm CMC Metals is in active negotiations with several local permitted mines; "We have a number of proposals to contract use of the mill plus also we have a list of four mining properties that we are negotiating on right now to have as our own ore to be processed there." Mr. Wedman felt the Bishop business unit would most likely be meaningfully operational showing significant results by mid 2011.
CMC is currently in the process of expanding the tailings pond and doubling the mills rated capacity to 100-tonne-per-day (TPD), the mill is ultimately upgradable to 300TPD. As part of the upgrade CMC Metals is including a prep mill and gravity tables to help concentrate some of the heavies prior to going through the floatation. By upgrading the tailings pond to a class A double lined pond CMC Metals will be able to pretty well process any type of ore. When we contacted CMC Metals on October 19, 2010 they were in the process of completing the last of the permitting of a new tailings pond. Donald Wedman offered the following synopsis regarding the advantage of upgrades and the expected profit potential for CMC Metals "Because the Bishop area is central to a number of gold, tungsten, and silver properties, also a number of lead-zinc-silver properties, the improved tailings pond opens up the operation to process any type of ore through there. There are many permitted mines in the area but they can’t produce anything as there is no milling facility within an economic radius of where they are, they would have to go down to Mexico. We are really excited about our Bishop facility, when the first quarter operating results come in investors will finally realize why we had acquired that mill. The light will go on."
See related November 23, 2010 release entitled "CMC Metals Ltd. Bishop Mill Upgrades Double Capacity"; where CMC Metals announced the purchase of a coarse gravity circuit for the Bishop Mill facilities located in Bishop California. The upgrades include a Krupp mill and gravity tables to produce a coarse concentrate prior to the grinding circuit. The addition will expand the capability of the types of ores the mill can handle plus double the mill capacity to 100 tons per day. Equipment, installation and commissioning were purchased for $75,000. The equipment has been transported to the site. Foundation and concrete works are underway and installation completion is scheduled by year end.
Inyo County California is an active mining area with defined mineral deposits of silver, gold, copper and tungsten. The Company is in negotiations with surrounding property owners to provide material for the Bishop Mill facilities.
Further, the Company would like to announce that the application for construction of a Class A tailings pond has been completed and submitted to the Lahonton Water Board for approval. SRK International Consultants assisted in developing the design specifications and application to construct the tailings pond which will double the capacity of the current tailings pond.
This acquisition gives CMC Metals physical hard assets, a form of stable revenue/cash flow when up and operating, and leverage in facilitating opportunity in the area as CMC Metals will be able to gain an interest in the ore supplied to the mill. Management could not afford to not acquire Bishop when the opportunity presented itself. The attraction of a grandfathered fully permitted mill central to numerous quality ore bodies with no competition was too appealing, especially considering CMB.V effectively acquired the facility for a mere USD$350K. Mining MarketWatch Journal notes that without the grandfathering such a facility could not be close to replicated in California in today, and even if it could the replacement value of the Bishop mill (if a similar structure were attempted to be built today) would be in the multi-millions.
- end of release synopsis -
This facility essentially becomes the default solution for mineral rich properties owned by people in the area, many that have owned their property for generations (willed by ancestors that were miners) yet do not have the skill set or ability to develop it.
The Bishop mill also gives CMC Metals the ability to expand its productive months beyond that it was restricted to on its other project in the Yukon where 8 months of the year the weather takes precedence. At the Bishop mill CMC Metals will have revenue, cash flow, activity, and progress year round.
2) Silver Hart Silver Mine and Mill, Yukon, Canada - 100% Owned,
First bulk sample taken (this Sept. 2010) from surface of high grade veins grades over 5000g/t silver
Figure 2. CMC Metals' Silver Hart - CMC Metals has modeled the mining approach. They will strip mine the TM zone down to the underground adit they have now and there will be two locations where they will be splitting the opening in the pit; one will drive an underground drift over to the S zone, a stack fault that parallels the TM to the northeast about 130 metres off the TM pit. CMB.V will continue following the vein heading NE.
Figure 3. High Grade TM Zone Veins The TM zone alone contains an estimated historical high grade silver resource of 6.5 million ounces (non NI 43-101 compliant inferred resource).
When CMC Metals Ltd. was incorporated in 2005, it was done so with the purpose of acquiring a medium-size high grade precious metals deposit that was well advanced in exploration, yet one that fell just below the hurdle rate for most large corporations. Once acquired, the plan was to advance the project to fruition. Silver Hart was identified as an ideal project -- when the property was secured in 2005 Silver Hart made sense with silver under US$6/oz, now silver is well over $20/oz, it appears the plan is ready to come to fruition in spades for CMC Metals shareholders starting with a series of high grade bulk samples.
An indication of cash at hand will be provided by the next quarterly report which should be published soon.
http://www.cmcmetals.ca/s/FinancialStatements.asp
I assume it will provide information on the money received from the recent bulk sample selling.
My calculation on the financial situation can be found in my following post:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=87045334
Hope this helps. Altogether I think upside potential is huge for CMC.
GLTA
If this drops back to 3 cents I will not hesitate and buy even more...
May 13, 2013 - Bishop Process Facilities Plan Accepted
Vancouver, B.C.: CMC Metals Ltd. (the "Company") is pleased to announce that the Bureau of Land Management (BLM) has provided preliminary approval to the Plan of Operation for the Companies Bishop Processing Facilities located in Bishop California, subject to a 30 day objection period. The Plan approval will allow the Company to proceed to construct the Class A tailings impoundment, implement the facility upgrades, plus commission and operate the facilities. During the next 30 days, the Company will conduct pre-construction preparation of the site, have the contractor quotes updated, and start the electrical testing of the existing equipment. Once the contractor's quotes have been obtained, the Company will provide an update as to the scheduled commissioning and production dates. Current mill capacity is 50 tons per day. As part of the upgrades, the plan is to increase the capacity to 100 tons per day.
Don Wedman, CEO and President of the Company stated "The Bishop Mill facilities are an exceptional asset that will expand the Companies capabilities in Inyo County, provide growth to the Company and much needed employment to the Bishop area. The Company is excited about finally being able to go forward and demonstrate that the facilities are capable of exceeding the financial, environmental and social goals for this asset."
In compliance with NI 43-101, Don Wedman, P. Eng., President and Chief Executive Officer of the Company, is the Qualified Person who prepared or supervised the preparation of the technical information presented in this news 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:
"Donald W. Wedman"
2013 will be great year for CMC
Good things to come imo. Glad I bought more. My average price is now 0.075
Hopefully it will not take long before we are producer
July 11, 2012
Bishop Facility Update
"The BLM review of the NEPA is scheduled to be completed by early September, 2012. Once the Decision Document is received, the construction and commissioning period would take an additional two months. "
June 12, 2012
Letter of Authorization Received for Bishop Facilities/ Grant of New Incentive Stock Options and Revision to Existing Option
"CMC Metals Ltd. (the "Company") is pleased to announce that it has received a Letter of Authorization from the Bishop California office of the Bureau of Land Management (BLM) allowing the Company to proceed with the designated pre-construction work at the Bishop facilities while they complete their final review of the amended Plan of Operation. This will assist in reducing the start-up time period by provide the ability to prepare the site prior to construction of the tailings impoundment. The two items that remain prior to start-up include the BLM completing an updated NEPA document and providing a Decision Document on the acceptance of the amended Plan of Operation."
May 24, 2011
Bishop Mill Plan of Operations Submitted
"The Company has received for review and comment the "Tentative" Waste Discharge Requirements (WDR) from the Lahontan Water Board. The tentative WDR will be used by the Board to dictate the requirements under the Water License to be approved during the July Water Board hearings. The Water License can be issued at that time. Due to the facilities being a past producing facility, only six to eight weeks are required to bring the facilities to full operation. "
Potential incoming revenues
Mill capacity to the plan of operation is 100 tons per day. According to a press release 24 May 2011 the "Mill should be in full production processing the 0.50 or greater ounce per ton gold ore from the jointly owned Radcliff Mine...". That makes 50 ounces of gold per day. Half of this is for CMC.
50 ounces x 365 days x 1450$ x 0.5 share = approximately 13 million $
Allright, they will not produce 365 days a year. But that is offset as they might get more than 0.50 ounce of gold per ton.
Current market cap is a joke...
Bishop Mill news!
Bishop Mill Project Environmental Assessment
http://www.blm.gov/ca/st/en/fo/bishop/bishop_mill.html
The Bureau of Land Management (BLM) Bishop Field Office has completed the review of the proposed Plan of Operations and Reclamation Plan (PoO) for the Bishop Mill Project in Inyo County, California, pursuant to applicable regulations (43 CFR 3800 et seq.) and the National Environmental Policy Act of 1969 (NEPA), as amended. Upon review, the PoO for the Bishop Mill Project is hereby approved subject to the conditions of approval listed in the Decision Record (link to the right). CMC Metals Ltd., as the current owner and operator of the Bishop Mill, must conduct operations as described in the PoO and as analyzed in environmental assessment (EA) DOI-BLM-CAC-070-2011-043-EA (link to document to the right).
Sincerely,
/s/ Bernadette Lovato
Bernadette Lovato
Bishop Field Manager
Last updated: 05-08-2013
Bulk sample 2011 and financial situation
The following is written in the annual report 2012:
During the 2011 fiscal year, the Company extracted a logistical 130.8 dry tonne bulk sample from the Silver Hart property and received $445,000. During the 2012 fiscal year, the Company extracted a further 1570 tonnes, including 114.1 dry tonnes shipped to Prince Rupert for sale. During the year, the Company received $311,401 pursuant to a letter of credit with a purchaser of the second bulk sample extracted from the Silver Hart Property.
So there should be revenue coming in soon as they have sold 800 tonnes as of press release dated 5 Dec 2012 and the remaining 450 tonnes as of press release dated 28 Feb 2013. My estimation would be between 1.5 and 3 millions $. But I am not sure if there is any difference in the calculation between the mentioned "dry tonnes" and the rest of the bulk sample. Maybe there is an expert here on Ihub with knowledge on this.
The financial liabilities included in the statement of financial position are as follows: $ 1,999,177 (as of 31 Dec 2012)
This includes Promissory note of $ 681,845 regarding the Radcliff Property which is due on 31 Aug 2013.
If the estimation on the bulk sample is correct we should be in good shape to kick-off the activities at Bishop. The approval process might take additional time, but maybe we get a surprise sooner than later.
I have added more shares today...
4 cents at TSXV
Grabbed some more shares today...
Anyway, they do not currently have the permit to do a bulk sample this year if I am correct.
You mean 8 million $? Do not think that is correct. Then they would have more cash on hand than the current market cap. I think they got between 1-2 million $ for the bulk sample. Anybody got some concrete numbers and the calculation?