Colorado Goldfields Inc. (fka CGFI)

[nvtaylor]

Don't have a clue how refineries pay out.

A ore mill needs to run as long as possible, it usually takes 1-2 hours just to fill up the circuits, drop boxes, floatation cells, etc. from the time it starts. This material is called the recirculating load and basically doesn't get recovered. Based on the chemistry of the ore sometimes it takes hours just to get the mill "balanced" and running at max recovery. If you shut it down after 8 hours, you need to restart the whole process all over again, not very efficient!!! If the tons/hour drop too low, recoveries drop and it becomes uneconomic to run, so you can't run it very slow either. Trying to run it fast wouldn't work either since the grinding mills (ball, rod, etc) can only handle so much tonnage/hour. That is were some of the expansion to more tonnage comes from, you need to upgrade the grinding circuit.

Every mining company I've been involved with over the last +15 years since Bre-X, has used some type of formal reporting procedure for reserves. All have chosen to use the 43-101 or JORC report since they go above and beyond the SEC requirements and are more transparent.

Direct knowledge - tried to lease it 3 times. It always was a 350 ton/day mill.