RE:RE:RE:RE:7 cents taken out... Peter, If the addition of these higher grades west on level 9 help get the mill output back over 4 g/ton, in the next quarterly release, then I will be very pleased. My expectations are limited at this time. At Elder, every fraction of gram seems to be critical to profitability. Hopefully, management will issue their promised press release on Friday. Delays are not unexpected. We will have to wait and see.
I understand that management is also developing level 4 to the east in the hope of accessing grades of 6 g/ton. It all costs money. That may leave little money at the present time for a serious drilling program. I will be interested to see how cash on hand has been fluctuating. In the last quarterly report, they had almost $3 million. Management probably likes to maintain at least 2 million in reserve at all times. I will be watching to see if this amount is gradually increasing over time. It will give me a better idea of what to expect.
In addition to the $2 million drilling program, drifts on level 3 and 10 are next to be rehabilitated. It seems like a logical plan.
Perhaps we should consider ourselves fortunate to again have an opportunity to acquire more shares at such a bargain price. Maybe there is a motherlode to be found? Time will tell. I do like the idea of finding more veins of the 'Sleeping Giant' grade. After the last poor quarterly report, as investors, we will gladly take whatever good news happens to come our way.
All the best, Java