Member Info for Cornishknocker

Will production be higher? Yes it will. Why? There are two sources of ore to the mill; stoped ore (production) and development ore. There are two types of development - capital (primary) and operational (secondary). Primary development mines waste, a lot ofvthe rock from secondary development (stope preparation) is payable - typically at full production around 25% of ore comes from development, at present it will be higher, with multiple stopes being developed

There's a reason for that, rambler recieves 90% payment for the contained copper when it's delivered to the port. Once it's then delivered to the refinery they are paid the remaining 10% plus the gold and silver credits.

With regards to ore sorting, it will normally be on milestone payments or periodic valuation of work completed, I don't think Tomra are likely to looking at finance options as they have a good order book at present.

By the end of tge quarter, tge design work for tge ore sorting will gave been completed and tenders possibly recieved, with the updated mine plan complete, which will enable a 12 month cashflow plan to be put together, so then what needs to be raised can be raised.

I think something will be sorted around quarter end, not next week

I'm not saying it's not required, it clearly will be - nowhere did it say its needed immediately.

On the outgoings side, we have $2.5 million on payroll for the quarter, $0.25 million on diamond drilling, $500k on underground development, $750k on transport, $750k on processing.

Right, let's get dome perspective on the cash situation, at the end of q1, there was $6.27 million on hand, with a further $2 million recieved in April. IF production is maintained at the same level as Q1 (it will be higher), we will recieve a further $7.5 million, so that is available cash for the quarter of $15.77 million - the company do not NEED to raise in the next few days or weeks.

Ultimately little has changed, we're a few weeks behind the plan by the sounds of it, in 12 months time this will be a very profitable mine, I'm thinking a market cap of £150 - £200 million

Because that was the terms of the financing and some of that debt was short term debt from suppliers

I posted first thing this morning, but I do have a day job that is pretty full on and this week has been exceptionally busy.

The first thing for everyone is this is q1 I.e. until the end of march not the 2nd week of May.

What is clear is at the beginning of January we had a very poorly mine - flooded, lacking personnel, mined out of accessible reserves, just about every bit of capital plant on its knees, equipment breaking down on the mine and in the plant, so the focus for the quarter was: -

1. Fixing/replacing plant
2. Recruitment
3. Dewatering and refurbishing the mine
4. Opening up new production areas
5. Diamond drilling

This work started in Januaty/February, so a lot was achieved in those 12 weeks of Q1.

On the development front, the overwhelming majority was capital development I.e. mining waste to get to new areas, which is expensive as it brings no revenue, going into q2 that development will be switching to secondary development. I.e. developing in the ore body, which will slow the cash burn as that produces revenue.

Pretty much, one point, but its probably a terminology issue - it is one production area not one access point. Its a hangover from last years disaster where development was not in front of mining. The aim for this year needs to be to open 4 production stopes up and then maintain that, that permits mining to interchange between production areas to maintain a consistent head grade and to maintain continual mill feed - mining follows a cycle: - 1. Drill and blast 2. Support 3. Muck & Haul 4. Service. With one production stope, it is not possible to constantly Haul so it limits your production rate.

It looks like the production revenue for the year is going to be around $50 Million, which will still amount to a very good year for a turnaround year.

Bear in mind that is Q1 - we are nearly half way through q2 now. Work on the turnaround didn't start until pretty much days of q1 due to Christmas, the mine has been dewatereed, a lot of equipment gas been fixed - that is apparent in the mill performance. Development was barely in front of mining, tfat is going to take time to rectify.

I think its becoming very clear that there is strategy in place, the company will make tge next announcement when it's tge right time.

Exactly Bertie, at the end of tge day, we've invested because we believe the management can turn this around. Although strangely at present they don't need to, one day though copper prices will retreat again, so they are going ahead and sorting everything out so the mine will be profitable in those days.

For tge next bunch of investors, they want to see some results - they'll come

I love it!

That's a dreadful cross you have to bear LB, you have my sympathy! ;-)

Anyway I started a project by the mine today, tge car park is filling up nicely - they have themselves a lovely branded hilux over there.

I think what he's saying is "there's been a lot of refinancing that I don't really understand, in a business that I don't really understand, but the shareprice has moved a lot in the last month, for reasons that I Don't really understand

I'm not saying there isn't risk, but I don't believe they are the same as for most junior miners - fo starters two of the biggest risks for junior miners are the geological model not being accurate and metallurgical performance - neither are a risk here.

At present people buy or not on whether the operation can hit the turnaround plan - its ultimately for the individual to assess that risk - all the information required to make that judgement is out there.

It's good to see but the lazy stockline "like all junior miners there is a significant risk" - which basically translates to I have to paint a balanced picture but I can't be arsed to research it.

I want to know what those significant risks are?