Elgin Mining Inc ELGMF

RE:RE:RE:WTF?

[the_ocotillo]

Seemed like a perfect storm (of negativity) for Elgin in the 2Q, gold  recovery rates down, open pit mining costs up, realized gold prices cratered (some mark-to-market adjustments hampered realized gold prices),.....listened to the CC they are putting a mine plan together (due in Sept)  which will target an "all in" cost of less than $1200 an ounce. Realized gold prices should also improve in the 3Q and be more in line with spot prices, recovery rates should improve, every input cost will be looked at (except exec salaries I suppose)....mining Bjorkdal at current gold prices isn't lucrative but it doesn't seem like a futile effort either, they could still make a couple million. But without higher gold prices and greater production, I don't know how Elgin ever gets to 50 cents anymore. I guess we will see. But at these prices, Elgin could probably make somebody some money,  (unless there is more bad news to come in terms of gold prices).