Friday, May 21, 2010

Odds and ends

Thanks for the update on the CTO status Paxman!

If we had to have a CTO, perhaps this is the best time for CMM to not be trading. The current market correction is probably the worst since early 2009 (when the planet was still heavily involved in the global crisis).

Century is in far better shape now, with having sufficient cash on hand and a far much better balance sheet. The market situation doesn`t change anything we are trying to do on the operations front (which is much different from the situation we faced during the global crisis, and also much different from what many juniors - not producing revenues and looking for cash injection from this turbulent market - are facing right now).

Perhaps today will give us our 3rd gold bar at Lamaque since the last gold pour update.

From the BD update NR:

``will collar the portal access drift, ahead of schedule, the week of May 10th``

``will only require approximately 25 meters of development from the portal entrance to reach the mineralized zone, where the permit also allows for the extraction of a 20,000 tonne bulk sample of mineralized material from the dyke``

It would be nice if we can add the BD ore to the mix at some point in the near future. It would take the place of the stockpile ore, as that pile dwindles down.

Also, hopefully the crown pillar study is going well. It would be nice if all is coming together super well on that front and we get our long-hole stoping permit early over the next few months. That permit will allow us to begin full-scale mining on the BD dyke, as well as initiate development work on the North Wall.

From the May 3rd NR:

``the first jumbo from the fleet of low profile underground mine equipment has arrived on schedule at the Lamaque operation and is being readied for underground deployment this week. The low profile equipment is expected to significantly increase the underground production rate in the Lamaque #2 mineralized flat zones and also assist in lowering mining costs.``

Hopefully more of the low profile equipment has arrived since this May 3rd update. We are banking on this new equipment to significantly improve room and pillar mining of ore located in Lamaque no. 2 (and also the 1.7M ounces located in the Cross-Over section much further down the road once exploration work has been performed to upgrade at least some of those ounces). As a side note, per Peggy in the January conference call, Century tested some of this low profile equipment during the test mining phase at Lamaque in early 2008 (before Century ran out of cash and the global financial crisis hammered us).

1 comment:

paxman said...

what price do you think cmm will open on tuesday?