Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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"PureGold's strategy is to pursue operational excellence today while investing in systematic exploration and phased expansions to fuel discovery and growth for the future."
They're "pursuing operational excellence" according to the RNS. What a joke.
TDT
Absolute shambles here. Wish I'd never got involved.
The RNS doesn’t say C$0.15 so I guess that means it could be US$0.15. If it is then that’s 12p so maybe it will not deflate on the open after all.
Why can’t this company release news that’s clear and on time?
TDT
…. news today. Is there no end to this arze spraying mayhem? Back down it goes.
I wonder if they’ll remember to issue an RNS here.
TDT
VANCOUVER, British Columbia, May 24, 2022 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) (“PureGold” or the “Company”) is pleased to announce it will enter into securities for debt settlement agreements with certain service contractors of the Company (the “Creditors”) pursuant to which it will issue 20,922,914 units of the Company (the “Units”) at a price of $0.15 per Unit to the Creditors in order to settle outstanding debts totaling $3,138,437 (the “Debt”).
Each Unit is to be comprised of one common share of the Company (a “Common Share”) and one common share purchase warrant of the Company (a “Warrant”). Each Warrant will entitle the holder thereof to purchase, in accordance with the terms of the Warrant, one Common Share and will have an exercise price of $0.18 per Common Share for a term of six months. The settlement of the Debt in exchange for the issuance of the Units is subject to approval by the TSX Venture Exchange.
The Shares and Warrants may not be traded for a period of four months plus one day from the closing of the transaction described in this release. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent registration or an applicable exemption from the registration requirements of such Act.
Put a fork in PGM: it's done.
Peel Hunt's last buy recommendation was on 27th October last year, when the share price stood at 55p. Since then we have fallen roughly 80%, so I'm not sure I'll be buying on their recommendation, CW, but thanks for the heads up anyway.
6 times your investment sounds good to me. Expect some more interest in this share soon.
I notice a good recommendation today in CITYA.M. on Pure Gold Mining, so very excited now.
'' Pure Gold Mining is closing a $30 -$40m payment later this week, which will secure the bulk of it's funding gap, identified earlier this year. Analysts at Peel Hunt said: '' With Operations Now Looking Forward To Have Stabilised At The Mine, Costs well Under Control, And A Strong Grade Control Programme Underway, PURE GOLD MINING Looks Set To Deliver On It's Potential.'' It has kept it's buy stance, with a target price of 75p.
At least they remembered to include us and on time as well. Things are looking up.
TDT
Instead of floating in gold here ,we are floating in debt.
Thank goodness that I exited at 40p.
.....almost 36 hours after the news was first released. Doesn't really inspire confidence does it.
TDT
Sure, but that's what a ramp up is all about. The costs are high because the mill isn't running at full capacity. It needs to be for the costs to be worth it. Furthermore the deeper you go the higher the grades are.
I agree this share has been crap and i do not for one bit think that this is a good share. I am just stating that there are reasons to be hopeful this will turn around.
You continue to quote what they said they'd get, not what they've actually produced.
(4500 / 2 / 2) x 1.25 = $1400/oz *
USD $4500
However that is with the mill at 50% capacity and the grade at 50% of expected.
This needs a turn around and fast. Like i said, if 4500 / 2 / 2 = $1400/oz then happy days. But if it doesn't turn around.
Its curtains.
Q2 results will be telling.
Is that US or Canadian dollar?
That's based on 500 tpd of ore being processed in the mill. The capacity is 1000tpd.
The grade is also supposed to be closer to 7-9 g/tonne, which is double the current average.
Therefore one could assume a AISC of ($4,500 / 2 / 2) x (1.25 factor for error) = $1400/oz.
The talk over on CEO.ca Is overwhelmingly negative. Oz produced / cost of production gives a cost p/oz of around $4,500 p/oz.
Put a fork in it: it's done.
Hi TD2,
I registered for news/RNS's on their website and they send me information direct to my email I've had them all so far.
Yes not good that they don't publish here in the same way.
Hope this helps.
Littlepost
If you're logged into TSX Venture Exchange you'll get the notification but they're suppose to announce in all markets they're listed on at the same time and not reply on people here in the UK picking on what's announced on the TSX.
Unless I'm very much mistaken they still haven't published here and that is a consistent failing with Pure. It's almost as if they've forgotten they are listed in the UK.
TDT
TD2,
'There should have been an RNS first thing this morning but as usual the Canuks couldn't be arzed.'
Is 06:26 not early enough for you?
Well at least they are meeting their stated targets.
The target for Q2 was 6300 ounces of gold production and we're already there.
Now this thing needs to get cash positive, which they state will be Q3. Hopefully a rally in the gold price can assist also.
A summary of the highlights for the three months ended March 31, 2022, and subsequent to date for the Company and its 100% owned PureGold Mine Project (“PureGold Mine”) or the “Project”) are as follows:
Gold Production
• Gold production for the quarter ended March 31, 2022 was 6,653 ounces
• Gold sold for the quarter ended March 31, 2022 was 7,876 ounces
Processing
• For the first quarter ended March 31, 2022, the PureGold Mine processed a total of 50,892 tonnes of ore, or an average of 570 tpd, at an average head grade of 4.27 grams of gold per tonne of ore (“g/t Au”) and achieved an average recovery of 95.2%.
• The main operating units in the mill and process facility are performing as expected. During the quarter, the Company completed upgrades for the gravity circuit which is expected to increase gravity recovery by 10-15% and overall gold recoveries by 1-2% to 96-97% from 95%. The upgrades are also expected to reduce operating costs by reducing cyanide dosages (consumption) in leaching, carbon in carbon-in-pulp (“CIP”), and metabisulfite/copper sulfate in the detox circuit.
• The regulatory process to increase the permitted mill capacity to 1,000 tpd is well advanced, and expected to be completed in Q4 2022.
There should have been an RNS first thing this morning but as usual the Canuks couldn't be arzed.
TDT
Gold Production
Gold production for the quarter ended March 31, 2022 was 6,653 ounces
Gold sold for the quarter ended March 31, 2022 was 7,876 ounces
Processing
For the first quarter ended March 31, 2022, the PureGold Mine processed a total of 50,892 tonnes of ore, or an average of 570 tpd, at an average head grade of 4.27 grams of gold per tonne of ore (“ g/t Au ”) and achieved an average recovery of 95.2%.
The main operating units in the mill and process facility are performing as expected. During the quarter, the Company completed upgrades for the gravity circuit which is expected to increase gravity recovery by 10-15% and overall gold recoveries by 1-2% to 96-97% from 95%. The upgrades are also expected to reduce operating costs by reducing cyanide dosages (consumption) in leaching, carbon in carbon-in-pulp (“ CIP ”), and metabisulfite/copper sulfate in the detox circuit.
The regulatory process to increase the permitted mill capacity to 1,000 tpd is well advanced, and expected to be completed in Q4 2022.
Mining
For the first quarter ended March 31, 2022, a total of 44,716 tonnes of ore were mined from the PureGold Mine, or an average of 497 tpd.
During Q1 2022, several new initiatives were launched which are expected to improve stope access and ultimately result in increased ore throughput, improved grades, and reduced costs in 2022. These initiatives include faster sill development to expedite access to higher grade stopes by developing sills faster, by taking longer rounds and improving definition drilling and grade control procedures. Definition drilling remains a key component in the plan to improve both ore production and grade. The Company significantly increased its definition drilling program in Q4 2021, the positive impacts of which are expected to positively impact short-term mine plans and production beginning in the second quarter of 2022. Finally, in support of an updated life of mine plan, significant data has been gathered with respect to 2021 grade control sampling and work is underway to compile and reconcile this data with the Company’s Mineral Resource and Mineral Reserve models and with mill production. Together, these changes are expected to drive sustainable increases in both ore throughput and head grade, and will be implemented progressively throughout 2022.