Member Info for Glib

Very true. I thought it worth pointing out that even after suspension, it was not smooth sailing. A few stumbling blocks still to overcome and if we do recover in SP, there is still a chance that Bergen will become a factor again. We are in a stronger position now for sure and hopefully the concentrator circuit will increase the extraction and equivalent grade as per the sample used in testing. Can't say the BOD haven't kept us informed of what is going on with the company, even if they've been quiet about the production data. Chip and a chair - they're still in the game and won a good hand. Need to get delivery of money and product now. Everything still crossed.

The Wang Loan $750,000 (potential of $250,000 more) The Zhu Loan $98,000 (probably all drawn down) Bridge Funding Facility with Bergen - I believe they drew down $2,098,000 with a potential of $2M more available. Court awarded us $5,684,420 from PUNO Court costs are to be reimbursed $$$$$ (This is a decision from the High Court - it is possible an appeal could be made to the Supreme Court) Not sure if we are still to make payment for the Concentrator Circuit; hopefully this has been or is just about to be delivered. December bonus of 50% to each employee Open pit mining is continuing The IPROP dispute remains outstanding but is no longer in legals. Water level now at 166.84m below surface (11 June) Black-economic empowerment groups must own 26% of any mine. This may change next year to 30% Companies may also be required to pay 1% of annual revenue to communities. Share suspension - this may continue until there is a resolution with IPROP or a change in the cash position of the company is secured. (IMO - DYOR)

I missed all the excitement as I've been too busy :( Thanks for the feedback on the ECL guys. I was asking as I was aware that once the water level dropped below the ECL we would be required to make payments. I had seen a figure in the 180's mentioned before so wanted confirmation. I think that may be for the West Basin though.

Although the TCTA are pumping the same volumes as last year, there must be less water going in to the Central Basin than this time last year as we have not had this rate of reduction before. If we assume 65% of current reduction rate is maintained then we have about 100 days at 20cm. I think we might pass the 185mbs level before the rainy season begins. Whether it is sustained is another matter, espicially if the drought ends. Does anyone have a source stating what the ECL is for the Basin? I have found a few articles, but with different figures. Confirmation would be welcome.

Really annoying. I don't think there was a time limit on this, but almost a month and no news. How long does it take to spend £6M?

One of the RNS' mentioned that they could start reaching the mining areas at 185mbs and after a period of rehabilitation should enable mining to restart. I read this as them not even looking at it until 185m is reached and they would need to be sure the water level didn't just start rising to undo any work they did. If the water level was still fluctuating then it would only be minor works at best.

Not quite the way I see it. We are purchasing a company with a value of £31.1M, so of course if we can't pay in cash, it will be in shares. I haven't had time to research Crusader Resources Limited but it looks like they have a number of promising mines but have not developed these due to funding. The lithium and uranium mines sounx interesting too.

I would suggest reading through some of the RNS'. Brief history of CRND: Due to water levels rising in the Central Basin, underground mining was stopped and the mine is now under water. When the level gets back to about 185m below surface, they will look at restarting mining but the current level is about 140m. The government company TCTA who are doing the dewatering have not been able to get the level below about 165m in the last 2 years. PUNO are taking us to court as we have not provided the jobs we were meant to. This is due to the flooding but while this is outstanding, there will be uncertainty. Death spiral financing from Bergen. We have taken (by my reckoning) half of the $4M that was made available to draw down. They were given discounted shares with each transaction which they sold and the SP is down here because of this. Lots more shares ia issue now, but we are currently workimg with cash from the last placing and a $1M loan from a PI, half of which is still to come. We have a tolling agreement to process old material for another company and we have also bought our own old mine material. I believe once the concentrator circuits are in place after June, this will start to be processed and hopefully the amount and grade of gold extracted can get us into profit A few other things going on but those are the highlights.

Didn't take long did it? From Capital Drilling (Trading Update-Highlights) Thani Stratex (Egypt): 1 diamond rig, commencing Q2 2017

Mozzie, I didn't infer anything. I may have implied it, to which you inferred... what did I imply? I too am disappointed with the Altintepe farce and I agree, holding a stake in another company, especially a private one, is no guarantee of realising any return on our investment. I don't think the market really knows what to make of Stratex. They have alot to prove before anyone will think of this as more than a cash shell. The areas they intend to invest in may be as critical as finding any gold. I just hope we have received the $ payment and have converted this to £ as I believe Trump is intending to make changes to the tax system soon.

So without Altintepe, the market currently thinks Stratex is worth about £1.7m? The cash balance for the Group as at 30 June 2016 was £2.7m Admin expenses I would estimate at £2m per year It will be interesting to see the final results - I think in June. It would be good to know what has been going on here, but at least we have money. Not sure how fast Goldstone will be moving or how much finance will be required to progress it, but I don't expect a large amount will be invested there. If Thani are taken public and become listed - that may increase our net worth with 30% interest in the company.

The jump is based on the belief that things will start to happen here now based on the $8m Stratex are getting for selling Altintepe. They don't have the money yet and nothing has been announced. Not sure if sentiment will continue to push this up a bit more though. It will fall and level off as people take profits, but my crystal ball is on the blink, so can't say when that'll happen.

Puno - still no news on that but no idea why Production - We are producing gold and doing open pit mining. No idea of costs, grades etc Dewatering - getting interesting now. Down to 130mbs, it was a couple of metres higher a week ago. If they cannot deal with the flooding during the drought, then they have no chance during a normal year. The government may need to take another look at this if they cannot make any headway. The rainfall in Jo'burg is less than the seasonal average. They will not stop overflow after another rainyseason. SP - I believe we have taken exactly 50% of the Bergen facility and I'm hoping we don't need any more. I doubt we will get any real 'news' until the final results - which is when we hopefully receive the concentrator circuit. Then get it set up, tested, making us money... I guess we're all supposed to sit and hope until Christmas.

I think you still have time to accumulate but not sure that the company is on the cusp of something. The last interview I saw stated they had a marketable product and were looking for investors to help take that forward. That could work for or against the SP depending on the type of investment they get. It almost seems like the have a product to sell, know where they want to sell it, but don't really know how to go about it. They would need to be able to ensure that they could manufacture the product when the order came in - at a reasonable cost and within a set timeframe. They might need to bring in some fresh blood that has experience in getting a product to international markets. I am not sure why they would need investment for manufacturing if they didn't already have some orders, but part of the order would include milestone payments to meet those costs (I would assume). If they are trying to set up in-house manufacturing though I would need to find out what scale and experience the company had before guessing how that may impact the SP. News of investment will move the SP depending on whether it is dilutive and what else is brought to the table. Without news of new contracts or clients, I can't see how they will be able to repay any investment or generate interest in the share without profits.

Thanks for posting that article - I hadn't seen it. One thing I am wondering about though is why are they giving interviews with Greek press but nothing in the UK?

I can't find the main shareholders on the website but Winterflood has gone from below 10% up to 16% and down to 11% in less than a week with no noticiple movement in SP. It would be good to know how many shares they held before (if any) and if they bought from another shareholder or the main market. My concern is that the water level is back to the highs seen at the new year and according to the South African weather service, Johannesburg has seen only 21% of its normal rainfall in March. It may be that the government will need to look at dewatering of the Central Basin again as the current set up is clearly not getting the job done. Not that it really changes anything for CRND right now - we are just waiting on the concentrator circuits to be completed and running.

I reckon they have used exactly half of the $4M Bergen were making available since 7th June. Just under 100mln shares added from this. I hope we don't need the rest of the Bergen money - especially with the SP being down here and the discount they get. If we do get the remaining 500k from the Wang loan and add that to the 300k from the placing we just had - We should have enough funds to carry us beyond the commissioning date of the concentrators. We should maybe then have a better idea of what the tailings etc will generate for us. We may not be able to process the full 60,000 tonnes per month but I would hope that with the current price of $40pg we will be able to start making money again. Investors are not aware of how much the split is to be for shared tailings or the full process cost, but we will be back in business. Then its a case of sorting out PUNO...

Perhaps they have not been notified by the court yet? In the past it seemed that news appeared in the Greek media before the company commented on it and usually with not much more information that was reported.

It looks like after mining was no longer a viabie option the company have reduced costs including BOD staff. They are now using their existing plant to generate income but we do not yet know if they are making a profit. The introduction of the concentrator circuit seems to be their main focus while they wait for the water levels to recede. In an old RNS I think there was mention of the company trying to come to an agreement regarding the level the basin would be dewatered to (below the ECL) but I do not know the result of this and they seem to be struggling to get to that level. We may need to pay a charge if the water goes below a certain level but that would hopefully be enough to get us back to mining.

According to the South Africa weather service, Johannesburg in February saw approx 74% of the normal rainfall. It looks like the drought conditions are JUST allowing the TCTA pumping station to hold around the levels they have, but if weather went back to normal patters, there would be flooding of the Basin and contamination flowing into the Vaal and surrounding areas. I have not heard of any plans to increase pumping capacity and do not think CRND will be mining for a few years. That said, it the concentrator circuit completes on time and even 50% of the projected improvement in grade and extraction is made then things may start to look up. It will probably be a few months after the works are complete that we will get an idea of how successful it is. Hopefully the PUNO case will get resolved soon also.