RE:RE:RE:RE:RE:RE:RE:RE:Jeff Hillis adds $15 to $40 Million USD to EVBC cash flow!truth987 wrote: Ganndolph "the Dreamer,. The fact you cite $1920 gold for a headline that CFO HAS added cash flow speaks for itself. The fact you use $5000 gold. Delusional. You gotta be smokin some really good stuff. More pie in the sky....if, if, if. Q2 will be out shortly. Amending agreement done and dusted before Q end to avoid default and lack of cash to service the debt. And a going concern. BIG ISSUE. It will be fascinating to see the Q2 results and the CFO twisting and turning of excuses, delays, whatever to "justify" a poor job. And will be fascinating to see the CFO spin the guidance and explain failure of past guidance .... may be cause for shareholder action? Your continuing bizarre support of the CFO is telling## Clearly an issue there. MANAGEMENT BAD....TIME TO GO OUT THE DOOR!!
So you posed the question. Am I a dreamer citing $1920 USD gold price and $5000 USD gold price as delusional. Perhaps, but that is precisely the reason to own gold stocks as insurance against the declining value of the US dollar! The same logic applies to all fiat money.
So now we know that Orvana management is producing precisely the results discussed at the AGM, namely 5000 ounces per month of gold production at El Valle with a goal of 6000 to 6500 ounces per month at a 50:50 ratio of oxide ore to skarn. Given that head grades have increased from 2.69 g/t to 3.36 g/t at a 34 percent oxide ore mix, it is clear to me that management is on target with respect to their goals for 2018.
As far as my "bizarre support for the CFO", please allow me to tell my story. About 2 weeks ahead of the AGM, I came up with an idea for solving the problem of gold build up in the ball mill which I discussed with Jeff Hillis in a phone call to Toronto. Mr. Hillis said he would pass my idea on to the engineers at El Valle, and sure enough, the following week I got a call from Spain and had a nice conversation with Orovalle's COO. That communication told me that Jeff Hillis was a straight shooter, because he did exactly what he told me he would do.
I made up my mind that I needed to attend the AGM and meet the Orvana directors and management. To provide a bit of background and context, after I read about the problem of gold build up in the ball mill, I contacted the process engineers at FLSmidth in Vancouver and started asking technical questions about the performance of their Knelson concentrators which are installed at El Valle.
I had also put in a call to Jeff Hillis in Toronto, and he returned my call and said he would pass my process idea on to the engineers in Spain.
The next thing I knew is that I had a call from a Dave Duncan at Orovalle in Spain. Who the heck is Dave Duncan? Well, it turns out that he is the Chief Operating Officer (COO) at Orovalle,
So you can imagine my surprise at the AGM, when shortly after 10 AM in walks Mr. Dave Duncan. We had a 20 minute conversation about the mine, the process plant, and the gravity circuit.
I had lots of questions on the gravity circuit, and I came prepared with my process flow diagrams. What followed was an animated conversation on El Valle for the next 20 minutes. In that short time period, I learned the following:
1) The goal at El Valle is to mine 6000 to 6500 ounces of gold per month with 50 percent of the ore coming from the high grade oxide areas.
2) That goal is achievable and in recent days daily production has been at record levels with gold grades above 5 g/t.
3) To supplement underground production, they have applied for a permit to take 50,000 tons of ore from the bottom of the open pit at Carles, and are awaiting that permit.
4) The cost of hauling Carles open pit ore back to El Valle is only 4 Euros per metric ton, so that open pit ore from Carles will lower the overall mining costs this summer.
5) The inspection of the new power line installation at Orovalle was supposed to happen this week, and so the mine is now on stable grid power which should lower costs for fiscal Q2 2018.
6) In the past several weeks, they also did a ball mill cleanout and recovered a significant amount of gold from behind the ball mill liners. That gold will boost the Q2 2018 production numbers.
7) They did 1,424 meters of advance into the oxide areas in fiscal Q1 2018, and the target is 2,500 meters per quarter for the remainder of the year.
My bottom line is that it is not easy to take a position that is contrary to the market consensus on a stock as indicated by the stock price. However, in the case of Orvana, I concluded long ago that the market had it WRONG on this stock, and my trip to Canada to attend the AGM confirmed my conclusions.
The bashers like truth987 and 2fast4UI are out to lunch on this stock and have their facts/and or perceptions WRONG on this stock. And hopefully they are not foolish enough to be short this stock!