Serial Disappointment
I missed the conference call but snowshoe's post confirms my suspicion that we can't expect better recovery until the installation of the scavenger circuits in Q4. So realistically, we are not going to see any chance of substantial improvement until Q1 next year.
I am puzzled by guidance of 160-170,000 oz for this year. Mining (and I assume milling) 880 tons per day of Nartook Crown Pillar at 5.6 or 5.8 grams per t versus average grade this last Q around 9.8 g/t ??? The implication is that they will have to blend in underground ore that grades around 15 g/t for the rest of the year, no?
Up to this point, excuses have centered on recoveries at the mill. Now, there is a bunch of talk about underground development not meeting expectations. Perhaps I'm reading too much into this but I suspect the groundwork is being laid for another avenue of excuses.
Definition of serendipity: discovering today that you got a fill on most of your remaining shares at $6.30 yesterday on the way down!!! Thought I had missed it.
PS: To balance my negative commentary, I must say that the financing news was MUCH better than I expected, so hats off to the company for arranging it. GLTA