AGT
listened to conference call. Company was well prepared to answer questions and they isolated the issue. Ore grade control in the open pit and at the mill. Apollo outlined several steps they have taken to improve and control the ore grade. This will cost more money. Russel estimated over a million dollars a year in extra expense but felt it was worth it.
They averaged 3.7gm/tonne in July. They averaged 92.5% recovery.
In August, they have improved results to 4.6gm/tonne overall grade and 95% recovery. Russell noted that the ore grades started the month at low levels and have improved quite a bit since. The overall goal is 5.7gm/tonne.
As they improve grade control, they are ending up with more lower grade ore. They have stockpiled over 100,000 tonnes already of 1 to 3 gm/tonne gold. If they had a big mill, they would just process the ore and be done with it. However, they are limited to 1800tpd and want to reserve that capacity for the higher grade ore to max gold recovery. They did say that they are close to negotiating toll milling for the lower grade ore. They expect to close a deal with St Andrews Gold to toll mill the ore at their unused 3,000tpd mill. They would plan to run 100,000 tonnes thru and recover 3 to 5,000 oz of gold from the operation.
Overall, I thought they did a good job with the call. You can review the presentation on their website. Bobwins
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