RE:SMHjuggygill wrote: are there even any updates on production?
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From the May 31, 2015, M D & A:
Mining operations were completed in March 2015 and the balance of ore was shipped to the QR Mill and processed...A program to
clean the mill prior to putting the facility on care and maintenance allowed the Company to produce additional gold from material caught in the mill circuit and floor. Repairs and upgrades to the mill and a general clean up were performed in May 2015.
After the results obtained as at February 28, 2015...management decided to stop production and to put Bonanza Ledge under Care and Maintenance,
this decision will be revised as soon as commodity prices increase to a level where this project can be economical. QR Mill
The QR Mill operates under Permit M-198...the Company is currently negotiating the amounts and terms of the bond that would have otherwise been due...
During the year ended February 28, 2015 the Company decided to place the QR Mill into Care and Maintenance, this resulted in an impairment charge of $2,869,545. Salaries and benefits accounted for a large portion of the overall decrease in mine operating costs...for the three month period ended May 31, 2015. This decrease is due to the Companys employee base working on mine operations decreasing from 69 employees to 23 employees...as the mine was placed on care and maintenance.
Consulting expenses also decreased as the Company used less consultants as mining operations ceased...
Repairs and maintenance decreased...for the three month period ended May 31, 2015.
As the mining operations were put in care and maintenance the Company did not incur any costs on repairs