Poster Although I have him on ignore, judging by Simon's reaction, apparently Jumpy is carrying on still . I don't get it either, a guy dissing a company that he alledgedly owns shares in. I doubt that he's a troll, but likely just a guy who likes to spout.
First of all, I brought Vatakoula up as an example of a massive gold resource nearby to Tuvatu that has the same volcano caldera setting, with the same types and ages of geology--and lots of gold. Jumpy may not know that Berukoff' controlled the rights to Vatakoula but gave it up to concentrate on Tuvatu. You can't really compare a new start at a new mine that LION is doing, with the retooling and working of an 80 year old mine but even so, Jump's figures are way off the mark. Last year Vatakoula mines produced 44,000 ounces of gold at a cash cost of $1,121 US per ounce, and they're shooting for getting back to 100,000 oz annual production at a cheaper cost per ounce.
Vatakoula gold By, the way, Tuvatu is a drier mine environment than Vatakoula which is very important, and a lot closer to infrastructure..
Jumpy says he's worried about undergound vein/lode mining when its actually a very efficient way to mine. Mining in Fiji is quite cost effective compared to other parts of the world. He seems so worried about costs when in actuality, costs are projected to be: Operating costs of US$567 per oz. and all-in costs of US $779 per oz. These figures wern't just conjured up , but provided by an independent company. Plus, the AISC costs seem over estimated out of caution, and they will likely go down as the mine plan expands from the starter mine to what's likely to be a 'mine for generations' as Wally said. (or as Steven Mann called the present plan, 'a subset' of what eventually will be).
Another point he attempts to make, is about financing. Facts are, that the company has turned down many offers. Berukoff didn't get where he is by being naive or giving things away. If any of us owned 35 % of the shares in a company we'd be pretty careful of any dilution. His owning that many shares is a big vote of confidence in the company, imo, as is the large amount of money he's already invested to get the company this far. There are very interested parties looking at financing now, and I'm continuing to be optimistic it will happen soon, since everyone wants to get down to the nitty gritty of mining and further exploration.
By looking at the considerable evidence, it seems that high grade gold findings at Tuvatu are just beginning and even though the present SP is cheap, the future may well be outstanding. If Wally is only half right about this being 'his best project ever', then the future for shareholders is very bright indeed. (
get those shades out)
As far as Jumpy goes, I don't think he means harm, but just expelling excess gas. Thank goodness for the ignore button.
Bonne Chance to all, its going to be an interesting and exciting future for owners of
LION ONE.