GREY:GYPHQ - Post by User
Post by
red911on Feb 06, 2012 11:16am
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Post# 19494649
Production Numbers...
Production Numbers... Upon closer inspection... the production numbers here are promising... especially in light of all the issues outlined. Recoveries are 45%... isn't that about what was expected?... and isn't this the key figure that really matters? The other numbers are all a function of that number. Production was lower not because of recoveries but because the amount of material they could place on the pad was drastically reduced and the liquid flowing around this lower volume of material was not correct. These issues will be solved.
That said, the actual production for 2011 came in at about 3,550 oz Au... slightly lower than revised lower estimate of 3,700 oz Au... but IMO not too bad now that we know why. In terms of dollar figures... they had just $250K in the bank as of Feb 2nd... but it would seem they have an enormous amount of gold stockpiled. They produced an estimated 2800 oz in Q3... they only sold 605 oz of this (as far as I can tell from NR)... they have subsequently signed an agreement to seel an additional 765 oz (and have shipped 200 oz thus far)... THAT would mean they still have an estimated 1430 oz Au in loaded carbon form... or about $2.4M worth at 1700 POG. And that was as of Dec 31st... this does not include 1010 oz from Jan or ongoing operations.
Seems the new CEO has been given a very 'golden' opportunity to succeed. Makes sense as I don't think he would have left Jipangu if this new opportunity was not a sure thing... which it seems like it might be based on these numbers which aren't even near 'full-production'... once operational issues are resolved O'Neil will look like a hero... and that could happen in short order. We heard reports they were only 60 days or so behind... Seems to be very accurate.
Maybe there is so some truth to GGN being eyed by some of the big boys?
red911
Am I the only one working here? LOL.
red911