RE: Exploration I don't barely breaking even with the current production. You say 500 ounces a month, that is on average 17-18 oz a day. That is only 800,000 dollars a month with a total of 9.6 million a year. Surely mining operation cost sits at around 8-9 million a year.
By the way, what are the 3 defined zones? From what I am aware of, 800 BK was stoped in 2011, north vein zone in 2010, and currently at the BK3 dev. If they are serious about getting ore, shouldn't we have news about other development in the area, perhaps a so called defined zone.
To think that 500 oz a month is enough to keep the company alive is crazy. No investor would ever put money in a company that lack successful vision. If they dont move to 280 tpd by the end of 2013 they are in big problem. And from what I've heard it wont happen especially if its taken them over a year to develop BK3 and they still havent started stoping it. How on earth will they develop enough tonnage for 280 tpd when it takes them over a year to get a stope under way?
Management needs to go. Someone needs to seriously address the displeasure with management at the AGM.
With no aggressive exploration and development, this mine is ripe for shut down. And in my earlier post, this company has no other prospective properties. Replying on this property will be a very hard burden if the mine shuts down.