RE: Facts pumpers don't want you to know"It is proposed to increase the mining operations at Central Mukur to replace the reduced
output from Myaly during 2004. The mining licence for Central Mukur expires during 2005 for the zones
identified to date that have been submitted to the Kazakstan authorities. The current remaining economic mineable
reserves as per the Russian resource data submitted to the Kazakhstan authorities is 4,353 kg (140,000 ounces)
and as indicated by the current resource depletion plan."
The top paragraph was taken directly from the latest quarterly report. The company may have more than 140,000
ounces of resource but they are not economical to mine at current gold price because the grades are so low.
The Myaly mine has only 5,770 ounces of econommical gold reserves left to be mined and will likely be shut down by
the end of 2004. Cleaning up the pollution can cost a fortune and will affect future earning.
The company was not able to produce 30,000 ounce of gold annually with two mines in the past. I am forcasting
future production with one mine will probably be somewhere between 10,000 to 20,000 ounce annually.
The average grade mined in the third quarter was 1.24 g/t compared to 1.31 g/t in the first quarter. Operating cost will
likely sky rocket as the grade continuing to decrease.
Winter weather can drastically reduce Q1 production output.
The amount of gold precipitated during the first 3 months
of Q1 2003 was only 2,774 due to cold weather.
The next earning report won't be out until May 2004. The ignorant yankee tell everyone here it should be out February.
Don't listen to the euro and yankee pumpers. The truth awaits you here.
https://www.sedar.com/command_servlet?cmd=DisplayCompanyDocuments&issuerNo=00006054&lang=EN