RE: RE: RE: RE: RE: RE: RE: RE: RE: RE: RE: RE: RE Belgie24...
Thsy bought some loaded carbon to commission ADR. Nothing abnormal and is not news.
red911
February 24 2012, Q3 2011, conference call, page 2-3:
https://www.gryphongold.com/_resources/20120224_GGN_Q3_FY12_teleconference_transcript_FINAL.pdf
"This brings me to the ADR (adsorption desorption refinery) construction. The ADR construction
is moving along well. We have all the major components onsite and we expect construction to
be completed early in March, so we can begin to run solution, troubleshoot, and complete the
startup testing by the end of March and begin the process of producing dore.
Now, let me talk you through the process a little bit. Assuming that we have sufficient gold on
carbon to process through the ADR, the process itself can take a week to a week-and-a-half to
actually produce a gold dore. This, then, has to be shipped to a refiner, assayed and refined,
which can be another two to three weeks. As a result of getting the ADR into production cycle,
there can be a three to five week process before we actually receive payment, just to give you
an idea of the timing there.
Thus far in February, we’ve shipped loaded carbon containing about 500 ounces of gold. That’s
being stored at a warehouse in Reno right now. The Company has cash on hand of about
$350,000, as of last Friday. We anticipate receiving additional payments on the approximately
500 ounces of loaded carbon shipped previously, as a result of the gold on carbon sale
agreement that we reached earlier this month. Once the ADR is completed, however, we will
deter any additional shipments of gold on carbon beyond that, in order to build inventory to
process through the ADR for testing and to have sufficient material once it’s up online.
We are exploring other interim financing arrangements and we’re fairly confident we will be able to
get to production and positive cash flow. Our estimates indicate, as I think I mentioned on our last
call, that we will need to produce about 1,000 ounces per month, in order to be profitable. But
that’s a rough estimate and a moving target, certainly, for the next several months, as we change
operational structure, complete construction, and move to ADR operation.
Importantly, the heap loading and solution coverage and carbon column processes are now all
moving along well. Looking forward, once we get the ADR up to full production, the timing of
which will all be dependent upon how well it runs for us as we start up, we expect the existing
material on the dumps and heaps should be sufficient to support approximately 10 to 12 months
of production. We plan on expanding our exploration and development of the historically
identified ore bodies, once we are generating sufficient cash from production. In the meantime,
we will continue to find ways to reduce costs and control cash requirements, as we work
towards the production of sale of gold to fund operations. As I noted on our last call, our
forward focus is on achieving positive cash flow as soon as possible."