RE: RE: Share Holder Right Plan... Hey Geoffs13...
The writing has been on the wall for some time now...you just do not want to throw in the towel...so to speak....hanging on to a dream....that turns out to be a nightmare.
You just have to follow the trail of disappointments.
History
Timmins Deposit
May 2003 - Lake Shore Gold enters into option Agreement with Holmer Gold Mines to earn 50% interest in Timmins Mine project.
September 2004 - Updates National Instrument 43-101 resources, with new indicated resource totaling 1,369,000 tonnes @ 10.96 gpt for 724,000 ounces.
December 2004 - Lake Shore Gold acquires 100% of Timmins Mine property through business combination agreement with Holmer Gold Mines Limited.
November 2006 - Indicated mineral resource updated to 3,268,000 tonnes @ 8.62 gpt for 905,000 ounces and inferred resource of 968,000 tonnes @ 5.54 gpt for 174,700 ounces.
August 2007 - Results of pre-feasibility study released supporting economic development of project, including initial NI 43-101 probable reserve of 3,386,000 tonnes @ 7.59 gpt for 826,000 ounces (later revised to 3,358,000 tonnes @ 7.52 gpt for 812,000 ounces).
October 2008 - Advanced underground exploration program commenced, including driving a ramp from surface and sinking a 710 metre shaft in order to expose and develop on mineralization and support underground diamond drilling to confirm and expand current reserves and resources.
July 2008 - Surface infrastructure completed, shaft sinking program commenced.
March 2009 - Initial limited processing of development material commenced at Bell Creek Mill.
March 2010 - Shaft completed to the 710 metre level.
May 2010 - Installation of skips, loading pocket steel, hoist upgrades and surface dump infrastructure completed and initial skipping of waste commenced.
September 2010 - Initial stoping in the primary Ultramafic 1 Zone commenced, average mining rate of 1,600 tonnes per day in fourth quarter 2010.
January 1, 2011 - Commercial production declared effective January 1, 2011
Present Day:
Highlights
- Gold production in 2012 of 85,782 ounces (719,298 tonnes @ 3.9 grams per tonne), with gold poured from 2012 production of 85,184 ounces, in line with Company guidance
The grade has fallen from 10.96 g/t. to 3.9 g/t.
7.52 g/t has stated in 2007 would of made for an exceptional Mine...not going to happen!
Remember...the bulk of the tonnage is coming from the Timmins Mine...1,500 tonnes per day. The dilution from other sources does not explain the short fall at the Timmins Mine.
No doubt...the model is broken.
Digger144
P.S. If they did not lower the grade...they have no Mine...not enough tonnage to feed the Mill. They are "flying on the seat of their pants".