At Core Gold's AGM, questions were answered following the CEO Address.
Regrets are expressed here if some previous posts about the AGM were more upbeat than readers were ready for. However, there does seem reason to be in a favourable mood - Core is doing well, and a real strategic process, assessing finance and investment options, truly does seem in process.
Production
Regarding production, Sam Wong informed: “I think we’re steady at say 1500, 1600 ounces in a month.”
Ore is being mined and transported at about 500 tons/day, per Core’s press release of September 9. Kuscan’s weekly updates have seen 340-380 ounces/week produced recently.
With gold at $1400-$1500, the impression is that the company is at about the level of making a modest profit overall. Q3 results are awaited, but overall Mark Bailey said that the bills are being paid.
The crushing circuit at Portovelo operates most of the week, as ore is delivered and needed. The CIP process circuit is continuous, maximizing recovery.
Cash and Debt
Regarding cash on hand, Mark Bailey commented, “we’re stable - obviously we’re helped with $1400-$1500 gold”. End-of-Q2 cash was $300k. Net funds generated are employed for the strategic process, paying debt and drilling. Debts to Credipresto, Accendo Banc and Robert Washer, and part of the 30% short-term loan have been eliminated.
Below - Core owns extra ball mill cylinders at Portovelo, which could be used for expansion or another mill.
Kuscan
Mark Bailey and Sam Wong described points of value that Kuscan brings as a logistics company, mostly to do with accounting. With weekly reporting there is a closer handle on production and financial statistics.
Kuscan also has a person dedicated to community relations. Those were very good under Keith Piggott, and with Core’s good track record this aspect is worth investing in.
Drilling
Core Gold’s press releases including that of September 9 describe their current drill programs at Dynasty and Copper Duke. A few thousand meters are planned. Some have speculated on confirmatory drilling happening as well, given the experience during the process with Titan and others in the Spring.
Below - conveyor to ball mills.
