There was more thorough update from MIRL yesterday morning in regards to their proposed Ollachea mine. With the dispute with COFIDE now settled, they are using their funds to advance technical work on Ollachea rather than pay layers, and are also back in negotiations with potential financiers for the project.
For some reason MIRL went down, but CGC and its warrants went up big on news that the Giustra gang has moved in, bringing along heavy hitters like Ian Telford and David Garofalo. Now there's a toxic combination -- the Giustra gang plus it will still be 45% owned by the incompetently-run Gran Columbia after the $85M financing is complete. Unfortunately the warrants haven't hit my selling price yet..
IPT released their financials yesterday morning and did something unusual for them, made a profit. Combined with a recent financing, they actual have a decent cash balance of $17M with no debt. They have been talking for years about ' unlocking the potential' of their extensive landholdings at Zacatecas; now they have the money to starting soing so, so we will find out if they are serious about it.
Mercedes has not been a successful purchase for PG so far. Even in a time of high PM prices, it has mostly been a money loser before it shut down earlier this year due to COVID-19 restrictions. Management took advantage of the shutdown and rejigged the mine plan, turning it into a money-maker since operations started up again. And it also seems that they now have a better handle on the various deposits and prospects. Today's PR reports plenty of high grade intercepts in areas that will be produced in the next few years.
The first in line, La Fortuna, has received all the permits needed to start production early next year. This team is following a template they are experienced with implementing from past endeavours, and it is relatively simple, so I expect a reasonably smooth start-up. The PR also brings news about Santana, currently second in line though I expect it to be dropped to third after Cerro de Oro. The company sourced a cheap crushing system in Arizona and has now received all the permits necessary to import it into Mexico.
And Fiore Gold aka F released drill results from their development project at Gold Rock in Nevada, for which a feasibility study is currently underway. These include good intercepts from both inside and outside current pit shells, and perhaps most encouragingly, between the current proposed pits which indicate it might be possible to merge the pits into one, with concomitant cost savings.,
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