Member Info for Cowichan

Let's hope we have some valuable news to share... in those 10 minutes... of fame...

GOLD FORUM AMERICAS 2020
Centamin PLC
Presenter: Martin Horgan, CEO

Session Moderator
9:40 AM
Brian Quast
Managing Director | Equity Products
BMO Capital Markets

Centamin plc 9:40 AM

Wesdome 9:50 AM
Golden Star
Resources Ltd. 10:00 AM

Resolute Mining
Limited. 10:10 AM
Roxgold Inc. 10:20 AM
Coeur Mining, Inc. 10:30 AM

https://www.goldforumamericas.com/

Centamin is going to build a landing strip adjacent to the expanded Sukari mine to fly all the additional gold out :-)

Hey Rebess,

At this point I can't see how the EMRA would risk assigning a location so close to the Sukari processing plant to anyone other than Centamin.
If I were the new CEO I would have cut a deal to significantly increase plant production within the next twelve months to secure this area — an offer that's impossible for any newcomer to achieve from scratch, be it Barrick or Endeavour.

The next most likely scenario is the EMRA offering this small parcel with the next round of concessions, giving Centamin more time to assess its options and/or come up with a game plan.

Whatever happens next week the mining/exploring landscape in Egypt will never look the same.

The new royalty schedule has been a game changer. We'll be soon reading of drill results and sample data from all over the once deserted desert.

AT least that's what I predict. It's possible the EMRA has adopter higher standards this go round and would be willing to reject the tire kicker proposals. Better leave the area free from inexperienced hands than tie up prospective land in perpetuity.

Fingers crossed we don't get screwed

Hi MrBond
I stuck a screen shot image on my Twitter handle here

https://twitter.com/donaldplawson/status/1302287791145902080

The orange rectangle is the current Sukari tenement and as you'll see the area immediately below has suddenly vanished from concession G

If you want to see it on the EMRA website you need to use the live map function and zoom in
http://emra.gov.eg/UI/Lang1/Default.aspx

Thank you member eljefegrande

You've been a member since 21st Feb 2020 but this is your very first post - and a very important post it is

I'd like to think we have somebody on the inside rather high up looking out for us long term holders

Keep up the good work

Mr Bond - have you not seen the updated map on the EMRA website?

There is now a section removed from directly underneath the orange Sukari tenement - a 'no man's land' that is not included in G

Will this be on offer at a future date? Or is it too strategically essential for Sukari to be offered via bid rounds? It will be very interesting to find out why the last minute changes were made. And if those 200,000 shares sold were part of the reason for the sudden change - that part perhaps we'll never know!

Hi Mr Bond,
My conclusion is that the EMRA changing the boundaries literally 13 days before the close of a 9 month process is bizarre, to say the least.

Now, this could be good or bad for Centamin. We'll have to wait and see.

It is curious that a company insider sells 200,000 shares of the company then BOOM the map boundaries are changed the very next day. (Sept 1 & Sept 2) Is that how things really work in Egypt? OMG

Hmmm, the EMRA bid round map/concession area was 'updated' on Sept 2

Does anyone recall what the boundaries for area 'G' looked like before?

I seem to remember one of the offerings covered the area immediately south of Centamin's orange rectangle... but I failed to take a screen shot back in January...

http://emra.gov.eg/UI/Lang1/TDIDataShow.aspx?ID=8319

The following is an excerpt from Sarama Resources June 2020 Presentation. I thought the lines with an asterisk * were interesting ... prescient info or just Sarama ramping? You decide!
-------------------------------------------------------------------------------------

Burkina Faso – A Prolific Gold Producer
• 12 gold mines in operation or under development
• Large, high quality holdings are scarce
• Southern Houndé area is very active with Endeavour, Teranga and
SEMAFO all making major recent discoveries
• Banfora Belt very underexplored and ripe with opportunity
• Next-Generation mines will come from:
? Brownfields exploration e.g. Endeavour Kari Pump
? A new set of eyes across old deposits & different approach *
? New discoveries in underexplored areas like the Banfora Belt
? Consolidation to achieve critical mass *
• Sarama’s assets provide multi-project exposure with different
development pathways

https://saramaresources.ca/wp-content/uploads/2020/06/sarama-corporate-presentation-june-2020-final.pdf

The job description specifies utilizing a 'refurbished' Outotec BIOX processing plant for the pre-treatment of refractory ores. This is something the Konkera/Batie West team in Burkina Faso could be planning.

Job Description:
The Processing Manager will be responsible for managing the processing plant and supporting infrastructure for the mine including supporting the Project team during the refurbishment and construction phases of the Project through to commissioning and operations. The Processing Manager is accountable for Phase 1 and 2 Operational Readiness of the processing plant, wet commissioning of each Phase and is accountable for the development and delivery of the Processing plant budget during the Project Phases.

Essential to success is the deliberate design, active development and coaching of a new organisation to develop a new motivated and trained organisation capable of delivering the objectives of the feasibility study in terms of production, cost, quality and efficiency.

--------------------------------------------------------------------------------------------------------------------------

Note: Teranga Gold is also looking into adding the same BIOX technology for its refractory ore at its Massawa-Sabadala complex but won't be proceeding with a decision until a DFS is completed mid 2021

https://caglobal.catsone.com/careers/37783-CA-Mining--EN/jobs/12513425-Process-Plant-Manager-Construction--Ops-Readiness--Gold--Crushing--Milling--BIOX--West-Africa/

A list of some other mines using the BIOX process http://www.overendstudio.co.za/websites/gold_fields_biox/biox/operations.html

I hate to say it but Egypt is still the land of under-the-table envelope passing. Perhaps Youssef is ensuring a favorable outcome to the latest bid round. Nothing completely illegal mind you, just a favor to a cousin's cousin's cousin on the wife's side of the family...

Given our last quarterly report came with absolutely no drilling results and no update on exploration it's clear something extraordinary is in the works. This is the single biggest opportunity Centamin has ever had or probably will ever have to expand its footprint into Egypt - with mining terms that are better than nearly anyplace else on the planet. If they haven't already secured the new concessions the board is negligent to the point of criminality.

Here's a look at the timeline Perseus followed to build it's latest mine set to come on line in December. CEO says COVID has had little effect on operations. Expresses confidence in Cote D'Ivoire Gov't, safety, see video link on latest results.

Full-scale construction commenced in September quarter 2019
• US$265 million capital budget. As at 30 June 2020, US$204 million committed, US$166
million expensed and US$156 million paid
• Construction with 3.0 million LTI free hours worked by early July
• Overall progress 67% with engineering, procurement, off-site fabrication all 100%
complete, plant construction 72%, concrete 85%, SAG and ball mill installation scheduled
for July
• Tailings Storage Facility 75% complete, bulk earthworks 98% complete with lining
activities commenced. Target completion date late Sept Qtr 2020
• Power supply on track for completion in early Dec Qtr 2020
• Perimeter fence complete, water line complete with water intake 88% complete
• Permanent Camp accommodation complete. Capacity for 637 in construction phase and
227 during operations
• EPSA mining fleet being mobilised to site and operational readiness well advanced
• On track for ‘stretch target’ of first gold in December 2020

https://www.ausbiz.com.au/media/quartermaine-rides-again?videoId=3742§ionId=1885

My Thoughts: Comparing what has been built to date Centamin is poised to be a giant in West Africa gold production

Swiss gold exports

"With 62t in July, deliveries to the U.S. have totaled 411t so far this year, accounting for 60% of total Swiss exports (compared to a mere 1% over 2014-19)

“Since March, gold held in COMEX-approved depositories have risen by over four-fold to record levels.”

https://www.kitco.com/news/2020-08-26/Western-markets-dominate-Swiss-gold-exports-for-5th-month-in-a-row-in-July-Metals-Focus.html

My Thoughts: Never write off the USA - with ostensibly the world's largest gold reserves the US dollar could be resuscitated post-mortem given the right strategy... Bride of Frankenstein anyone?

Bank of Nova Scotia has reached settlement agreements with the U.S. Department of Justice and the Commodity Futures Trading Commission over charges of metals market manipulation.

Under the terms of the agreements, Scotiabank will pay an aggregate fine of US$127.5 million to the DOJ and CFTC, including US$17 million to the CFTC for misleading the regulator in its initial investigation.

The fines and enforcement actions stem from an investigation into Scotia’s metals trading division. American authorities said that on thousands of occasions between January 2008 and July 2016, four Scotiabank traders placed orders to buy and sell precious metals contracts with the intent to cancel those orders in an attempt to manipulate prices. The traders were based in New York, London and Hong Kong, according to the U.S. Department of Justice.

Such activity is referred to as “spoofing” and can manipulate prices by creating a false perception of the supply and demand picture surrounding a commodity.

https://www.bnnbloomberg.ca/scotiabank-to-pay-us-127-5m-fine-for-metals-market-manipulation-1.1482231

I can't wait either Rebess. It will be interesting to see who publicly breaks the news first, the winning bidders or the government. One assumes the Mineral Authority is currently in negotiations with the bidders or at the very least verifying that all the promises made by smaller, non-producers are not just braggadocio. Making the right choices will be crucial for the long term success of Egypt.

Commenting on the appointment, Sébastien de Montessus, CEO of Endeavour, said: “I am very pleased to welcome Joanna to our team. As our audit partner for the past six years, Joanna has a deep understanding of our business and has routinely visited our mine sites, which will enable her to quickly integrate with the team and the role. Given her extensive expertise in reporting, assurance, governance and internal controls in the mining industry, she will be an invaluable addition to our team.”

Ms Pearson joins Endeavour after a successful career at Deloitte LLP (Canada) with more than ten years’ experience as an audit partner, including six years as the audit partner responsible for Endeavour, and over 20 years’ experience serving clients in public practice, with a focus on multinational mining clients. A graduate of the University of British Columbia, Ms Pearson is a qualified chartered accountant and Canadian CPA, and speaks French.

In accordance with auditor independence regulations and to avoid any possible conflict of interest, Deloitte has resigned as the auditor for Endeavour following the publication of its Q2-2020 results and Endeavour has filed a Notice of Change of Auditor in respect of this change pursuant to National Instrument 51-102 under its profile on SEDAR.

https://www.globenewswire.com/news-release/2020/08/19/2080955/0/en/Endeavour-Announces-Appointment-of-Chief-Financial-Officer.html

My Thoughts: Mr Montessus grows fishier and fishier

Talk about good timing...

"On August 10, 2020, the Company disposed of 32,627,632 common shares of Osisko (the “OSK Shares”) through the facilities of the Toronto Stock Exchange at a price of $4.45 per OSK Share for total consideration of $145,192,962. Following the disposition of the OSK Shares, Kirkland Lake Gold no longer holds any shares of Osisko..."

My Thoughts: Wonder if Osisko is out looking for a partner or if they are content going it alone? The grades are great and drilling has been very successfully adding ounces...

Yes, I'm hoping for the latter! Cheers

Interesting he said a few more 6040 shovels are coming in December - never said if they are replacing old shovels or will be additional - but given Centamin already has excess capacity hauling trucks on hand perhaps this will be for satellite ore body use...

https://www.cat.com/en_AU/products/new/equipment/hydraulic-mining-shovels/hydraulic-mining-shovels/18316373.html