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Deals have already been done I would guess? I think this whole scenario has been planned.The Chinese would not throw good money after bad unless there was something in it for them. I think Redstone will make a nice profit out of all this and the Chinese get a cheap mine with a working concentrator unit. We get left with Peterhouse in other words sweet FA
They said recently the concentrator circuit would be up & running by Decemeber (8 weeks ish) to continue as they have been during a strike with 'thin working capital'. They'll never be able to sell anything if the S.A rumoured Lola ressignation / fraud investigation / stripped of mining rights has any truth....
Interestingly... Lola Trollip's name isn't mentoned at the bottom of the today's RNS as the contacts in Central Rand Gold, where it is on all other RNS's........ Here we go again!
In a previous article I posted it would take 16 years and $ 300million to achieve a mine of this calibre.This mine has one of the greatest untapped gold reserves known at present in the world
Why does the latest RNS sound like they have given up before the concentrator comes online? So much smoke and mirrors with this company, one would think they were native Americans communicating with us not realising we speak English. What are our costs per month? We are bringing in approx $500k per month based on current production The Wang loan has a caveat regarding our ability to trade When will the first test runs of the concentrator come on line? I wonder if Redstone are waiting for the results to come in before they decide whether to call the loan in. Will we ever see the results? What is being done about the PUNO money? Who is handling the information data between CRND and TCTA - has anyone questioned their water levels? If not, why not? We have a fully functioning mine with machinery in place, how much would it cost to get to this place if you started from scratch? Perhaps the board would consider reductions in salaries in exchange for Shares? Can we convert the loans into shares, surely dilution is better than nothing. I wait with baited breath the actual financial figures coming in the next RNS before next Friday... I do hope they dont think I will let this go.
according to sources in johannesburg CRG CEO has resigned, effective tomorrow.Am infomed that department of mineral resources is investigating fraud in crg that will result , if proven, cancellation of all rights held by company. PI have been shafted big score by criminal BOD. Bod are involved in ochestrated plan to steal subsidiary-crgnv- away and use for other pooled reources because it has accumulated masssive tax breaks. We wuz robbed
36 million ozs of gold approx $46,000 million in value minus production costs and they cannot borrow $20 million.I believe they are setting us up for a cheap sale.The Chinese have no intention of calling in there loans
Gibbo, if you happen to email Simon in the near future would it be possible to request an update regarding the Puno High Court award & timescale / prospect of recovering the monies awarded be issued with the results? The Company's subsidiaries, CRGSA and CRGNV, awarded ZAR72,326,573 (approximately US$5,684,420). The Company's subsidiaries, CRGSA and CRGNV, awarded all legal costs relating to the application, which is still to be determined as the Courts still need to tax the accounts. Whilst the above wouldn't wipe away all the debt, it would certainly buy them some time / working capital whilst the BOD explored all opportunities rather than having to do a fire sale of the main asset.
Gibbo, As others have done I thank you for your efforts in lobbying the BoD to get relevant production updates from the BoD. I can offer my 2M shares into the collective pot.
Basically, as I read it. They need a $20 million cash injection to be able to continue in the current format i.e. retaining the various mining licenses inc under ground mine currently being dewatered. That size of cash injection now seems unlikely as they have no value as a group to borrow against. Therefore, they are now looking at selling the Netherlands subsidiary (Central Rand Gold (Netherlands Antilles) NV) which holds all the mining licenses i.e. their main asset, whilst the 'Central Rand Gold South Africa Proprietary Limited' the processing division i.e. which the Concentrator Circuit is due for continues under the listed Central Rand Gold.
Why go ahead with import and construction of the concentrator unit if this was not viable? What would the benefit be financially once installed and operational? What have we produced since june? What are the operational costs and profit margins ( next weeks report) ? PUNO, where is our money? All valid questions I think, where are the answers BOD?
An honest statement regarding the state of affairs, albeit a pretty grave situation. God only knows why they couldn't have stated this months ago. Is this now a dead duck or is the new equipment installation able to provide the increased throughput to enable survival. Is this viable and is a buyer willing to take this on? I don't think the board has done enough to support our investment and if this goes to the wall they should be held accountable.
Game Over.
So after months of negotiations / suspension, they are still little or no further forward as regards securing finance. No mention of the Puno High Court award and the statement issued seems to be very similar to Gibbo's recent post. 'The Company has debt commitments to Redstone Capital Limited and the Wang family, amounting to US$ 9.8 million in aggregate, which could be called at any time'
Here we go...........
Gibbo, might be worth putting out about the 'PI collective on other forums to boost support?
Sold most of my shares only remaining 280,000 shares
We have a way to go guys, so far we have about 10m in shares, we would need to hit at least 25% of the outstanding shares or 60m to make a difference. We are up against the Chinese and their loans of approx $12m. share options etc.. They could call these loans in at anytime, which is why we are so precariously balanced. The next 3 months are the most critical in our companies history. Get it right with the concentrator unit and we are laughing, literally. Get it wrong, and it could be goodnight sweetheart.
Sell CRND CENTRAL RAND GOLD LTD (DI) 850,000 850,000 £0.0043 £3,612.50 I have 850,000
I am holding 1M shares @ 2.7p.
I have ,1,852,203 shares
500k from me to. Purchased when they were worth a lot more than now sadly. Hopefully we can salvage something from this pitiful disaster.
My average is 12.37p I fell so priveleged
But my avg here is 2p nothing to do for me...
We can all go down to his offices and protest if he has mislead us and contact the media his rep will be in tatters and he will be know as a conman