AGM vs/ Komis Update NR The major discrepancy between the AGM presentation and the Komis update is the mineable tonnage figures quoted.
The figures in the AGM stated the Komis mine plan would produce 420,000 tonnes per month generating 19,500 tonnes of ore at 6.58 g/t over a 20 month mine life to April-May 2014.
https://www.goldenbandresources.com/images/file/AGM-presentation-2012-for-web.pdf
This added up to ~8,010,000 tonnes of waste and 390,000 tonnes of ore. At the AGM, I questioned this strip ratio and received a reply.
The reply to your question about the the Komis mine:
- Numbers are correct and overall average strip ratio is about 18 to 1.
- The 420,000 tonnes per month generating 19,500 actually equals 21.5 to 1 however the waste volume falls off as the pit get smaller at depth resulting in the overall strip ratio of 18 to 1.
Friday's Komis NR states the "new" mine plan is a two phase program.
The updated mine plan for Komis includes two phases. The first, a smaller pit designed to extract the near-surface ore, has total mineable tonnes of approximately 1.7 million. Ore production is expected over nine months at an average of 15,000 tonnes/month at a grade of 6.46 g/t gold. Phase 2 is a larger pit designed to extract ore from the deeper levels of the Komis deposit, with total mineable tonnes of approximately 4.4 million. Ore production is expected over 18 months at a monthly average of 13,000 tonnes at a grade of 7.13 g/t gold.
https://www.goldenbandresources.com/html/news/press_releases/index.cfm?ReportID=203275
The total mineable tonnes includes both ore and waste rock. Phase one will produce 1,565,000 tonnes of waste and 135,000 tonnes of ore. This is a strip ratio of 11.6 to 1. In phase two, the total waste rock is 4,166,000 tonnes and the total ore is 234,000 tonnes. The second phase has a strip ratio of 17.8 to 1. From the NR, the total ore is ~270,000 tonnes vs/ 390,000 tonnes from the AGM but it is a major improvement of ~2M tonnes less waste rock. This improvement in the mine plan should be reflected in the economics of the mine.