Member Info for Glib

So what happens to the milestone payments? Is that covered by the returned deposit or does it get returned without being mentioned? Is MK Trust going to be involved in selling the machines in China and Asia now?

They were being processed but we have not been informed of volume or income.

Next news probably tailings income then completion of concentrator circuit being built - hopefully with some results of grade improvements.

You get the impression that they thought the machine would be tested and ready for sale by now. That may be what they told the hospitals - makes you wonder exactly what they were told for their expectations to be as they are.

Does the Supreme Court reconvene on the 26th or are they already back? Can't really tell from the pdf on their website. They don't sound too happy though. Http://www.areiospagos.gr/INDEX.htm

It's definately a throw away rns. The reason for taking more funds from Bergen? The board believe it will provide the company with additional working capital. Who would have thought... I will need to check to see how much of the originally agreed amount we can still draw down from Bergen. Last time I checked we were getting close to 50% Bergen are keeping the lights on still but some news about the tailings would give us a clearer picture of where the company is. Might need to wait for the next report to come out for that though. The higher the SP, the less shares Bergen receive. So I don't see any conspiracy here. I am going to try to find if there are any geology reports on the Central Basin to see if we can determine the shape and therefore what could be expected in terms of water level given the possible extraction rate. If we can also find how much water is going in to the Central Basin over the year we can see what impact 82mlpd should be having. Up until 2008 the water level was being maintained but I have not seen anything stating what the dewatering rate was. We should however be able to use the water level data from the start of the year to determine how long it will be to get back to the ECL of 160mbsl.

So no pressure then? (Unfortunately it's not quite as clear cut, as I thought that the basins were interlinked. They are not.) Just read that the 3 basins are not linked by tunnels or aquifers, so each is working independently. That means that the new plant will not benefit the Central Basin and we will need our pumps to continue without interruption. That may raise the question as to whether the existing pump is enough as demonstrated by the recent rise in level. Other news I am looking forward to seeing is the results of the Centrifugal Concentrator's live trial test results. We know that the small scale test were impressive - "The Concentrator Testwork has indicated that the Mine Waste Dump material can be upgraded from an average gold grade of 0.7g/t to gold grades between 2.5g/t to 5.0g/t.", but they have not released any information on the full scale test. With the recovery rate at about 90% this would definitely help with our cashflow. Fingers crossed for that. My concern however is that we are relying on the government to complete and finalise the studies, building work and commissioning the plants by 2020. South Africa is also in a drought right now, even though it is the rainy season. Not sure how things will stand if the drought ends and the plant is not operational. Western Basin - not sure what the current treatment capacity is, but this is being upgraded to 50 mega litres per day. Central Basin - supposedly treating 82 mega litres per day. The report we refer to from the Central Rand website regarding water levels are the results from this plant. (82 mlpd = 3,416 m³/h) Eastern Basin - This plant is new and should be just about ready for business. It will treat around 110 mega litres per day. The Eastern Basin has a new plant coming online, the Western Basin is getting an upgrade - but not sure about the Central Basin. We have proven for the past year that we can reduced the water levels, but we are back to where were started the year due to 'higher than normal rainfall'. Is this higher than normal for the rainy season? We also have no idea what was going on with the pumps as the data is not shown - were they even on during that period? Still positive about the share though. If the government starts making money from the desalination then I imagine private companies will try to do the same. The Toll agreement and our own acquisition should provide us with a decent revenue - once the concentrator circuit is complete that could double or treble for the same amount of material. There is also the chance that government policy or actions will change so if the Central Basin is not getting dewatered, this will probably be looked at again. At least we now know that CRND will not be selling any water or byproducts.

Short term - we will need to scrape what we can to remain in business. Mid term - as more progress is made in the dewatering, the SP should improve and hopefully revenue will allow us to breathe a bit easier. Long term - we're covered. The government are setting up plants on the Eastern and Western Basins for dewatering. They are hoping to pay for this by selling the cleaned water and salts/phosphates extracted. "The environmental impact assessment is scheduled for completion by June 2017 so that construction of the long-term project can begin in January 2018, reach commissioning in November 2019 and start operating in February 2020." source: http://www.engineeringnews.co.za/article/water-minister-launches-long-term-acid-mine-drainage-solution-2016-05-18

That we got a news release at all. I was expecting silence for a few weeks yet. The only thing that will allow this share to move is getting rid of the anchor of the PUNO court case. After that happens we will probably see the price move a little more with the water levels (and cashflow announcements). When we have the finances in place for mining again and a sustained water level (185mbs may be the target) then it should start to take off. I believe the government's dewatering initiative is expected to begin some time in 2019. This can only help our situation. The price monitoring extension is just to give the market extra time to review the price and size of orders as the execution price exceeds a certain pre-determined % increase/decrease.

I saw this the other day and had to read it twice to see exactly what CRG were being accused of. No, they do not have an agreement to close the mine - they aren't trying to close the mine, they want it kept open (as far as we know). All that other stuff about not creating the promised employment in the local community is basically what the Puno case is about. They could not employ people at the mine because of the flooding - it all boils down to the results of that case. And that will probably depend on any small print of what is or is not mentioned in the licence agreement. If having workers in an unsafe mine is illegal then they would not be able to legally abide by the terms of the contract. Alot of that article mentioning other illegal or questionable activities is actually other parties not CRND.

I believe that there will only be a rally in SP after a successful outcome to Minoan of the appeal. If the courts decide that the resort can go ahead, then surely this will be the last hurdle? If the appeal is thrown out then I believe the developers Minoan have already spoken to will try to secure their position with the company as soon as possible. If the appeal is upheld, then I do not see the entire case being thrown out. They may require some changes to the resort or impose special restrictions, but it would depend on what specifically was objected to. If the entire case is upheld and Minoan cannot proceed at all, then I am not sure what money they will get returned for the payments they have already made. I don't think the Monastery or whoever owns the land will still have it all.

Maybe they are going to wait on the government to do that for them. If the water levels get dangerously high then it might get them to actually do something rather than do another study. News on what is happening would be appreciated.

Can't really say if the company are making progress or not. They might be making money from the Toll agreement and the dirt they bought themselves. They might build a new bigger plant if the Concentrator works and is able to extract more gold, effectively increasing the grade. They might still be on track with the dewatering, but we need a proper update on that including pump performance. They might win the case against Puno, which in my opinion would open the door for investment from Mr Wang. Potential is definately there, but time is not really on our side, hence Bergen being used for funds. It would be interesting to know what they are spending the money on - wages, pumps and what else?

It might take a while longer to get the verdict which could in turn mean more shares being sold to Bergen. The upside would be we should know what is going on with the Toll Treatment Agreement, if a larger plant is going to get built to process the older surface material using the concentrator and how much we are making from this initiative. It would be great if we could make money from the 60 mlpd we are pumping from the mine but i am not sure if ZGMP are looking at this. It would be beneficial in most places with AMD I reckon. If the rainy season doesn't slow down the dewatering, then we should be close to 170mbs. I just wish the recent data was more complete. No idea about flow rates or pump reliability for almost a month and no data since the 18th. Not that i'm concerned about the rainy season - I worry about everything. As my last comment almost said, I'm still holding here anyway. GLA

I'll try to cover everything asked. Was just looking at various sources last night and thought I'd post - didn't want you to feel you were alone in this John :o) Q. Where do you get this information? A. South Africa's Department of Water and Sanitation & other news sources. 12,543 out of 28,356 settlements are affected by drought as at September (ranging from moderate to severe to extreme) 211 of the surface water storage facilities indicate that at the end of November the average capacity was 49% I realise this is for the whole of South Africa and not just the Central Basin. Http://niwis.dws.gov.za/niwis2/SurfaceWaterStorage There are a number of articles mentioning the drought and damn levels as well. Https://www.dwa.gov.za/Communications/PressReleases/2016/MS%20-%20Dams%20across%20the%20country%20continue%20to%20drop.pdf Https://www.dwa.gov.za/Communications/PressReleases/2016/MS%20-%20Average%20dam%20levels%20show%20a%20steady%20decline%20week%20on%20week.pdf Http://www.engineeringnews.co.za/article/drought-prevails-in-south-africa-despite-increased-rainfall-2016-11-30 The rainy season is worst from November to March, so there may be other areas of localised flooding to come. I would rather CRND had to tackle dewatering during a drought than any other time as the water levels in the Basin would probably be higher and if it were possible to produce potable water, then it would be in greater demand during a drought. Q. Do CRND care about the courts being closed? A. I am not sure if there is or isn't a case to be answered for PUNO to be honest. My understanding is that we were to spend R32.9 million on labour projects in the first 2 years, but only spent R18.8 million. This was due to not being able to access all the resources because of the mine flooding, but it may come down to the small print and if the contracts specified the resources that would be available to the company which would determine the expenditure required. I have not investigated the court rulings so cannot say one way or another. All I know is that it will be another few months before this gets resolved and if Mr Wang is waiting for the case to be settled before investing then it may mean more drawdown with Bergen. I have also not investigated when CRND started mining and when it ended. If it was less that 2 years since the agreement with PUNO then there will probably be no case to answer. If they were mining for more than 2 years after the agreement started then rising water levels may have required restricting the amount of labour used which is what PUNO are taking issue with. This could have been done for health and safety issues as it would have been unlawful to put miners at risk. The contract would need to be examined to determine if it was actually possible to fulfill the contract terms without breaking any laws. If it was not possible to have more labour, PUNO may argue that the money could have been spent in other areas. I'm

One day I'll be able to come on here and post good news. I had a look at the Supreme court website and it looks like the term for the year finished on the 30th. I don't think it starts again until 15th February. South Africa seems to be experiencing one of the worst droughts in decades with some dams below 50% or even 30% capacity. The main problem seems to be dilapidated infrastructure - if they could renew the older sections of the network and monitor the water flow so they are aware of leaks, they would not need to spend millions on importing water. The lack of water is being felt in both rural and urban areas. I do not believe the water we treat can be used for industrial purposes or as potable water without reverse osmosis or other desalination processes being applied. Water treatment processes that extract elememts that can be used for fertilizer or the construction industry were being monitored, but nothing has been reported on this yet. We may be reusing the treated water at the mine, but it would be good to know we are making the best use of this if other elements of it could also be making us money. The government initiative for dewatering is still a few years away so it would be best if we could take the initiative - perhaps a jv with one of the private firms looking at this new technology. We could provide the water from the mine or the processing plant and we split proceeds for the sale of the minerals and potable water. Or perhaps this is something our Chinese friends could take a look at - if they are able to do this, the SA government may be interested in getting other sites set up the same way.

Christopher Hall will be leaving at the end of the year. I wonder how this is going to effect sentiment in the share? We need news on Altintepe and ThaniStratex before real movement will be acieved but it looks like real change is being made within the company.

Sorry John - I think we have just over 60% to go. We might not take all of the amount from Bergen however - it shouldn't be needed if we get the other finance sorted.

From looking at the RNS' it looks like Bergen have provided about $1.45M, so there is potentially another $2.5M to go. At the current conversion rate that would be reached in about 6 months. If the dollar falls then they would be getting less bang for their buck - same goes for a rise in the SP. That said, they are the only reason the lights are still on so I don't begrudge the 30% or so increase of shares in issue. I hope we hear income news from the Tolling agreement soon. I realise we have just had an update, but still cautious here about the finances. News on Puno would be good too - hopefully hear by Christmas as that may be holding up the financing deal. I believe the target was 185mbs for the mining to restart which I estimated would be December 2017. I would be glad if it was sooner, but that was utilising the average reduction levels including some stoppages as we have previously had. That was based on 2m reduction per month which was less that the average of the last 4 months. It will be interesting to see if the Centrifugal Concentrator can maintain the increased grade in the full scale operation that was seen in the small scale testing 0.7g/t increased to 2.5g/t to 5.0g/t. That would be a real boon to the Tolling agreement and get us back on track much sooner.

Gemstar, I have found some 2014 objections from Oliver Rackham, OBE and Jennifer Moody. They state that approx 33% of the ‘Itanos Gaia' development site is within the conservation area. This does not mean that buildings will be created on 33%. I do not know if this has been ruled on in previous cases but it is not new information. I am not aware if an appeal requires new information / evidence to be brought to the court, but I intend to keep my holding here and see what the verdict is. I don't think the PD would have gone through all the various government offices, getting signed by each, if this was what would scupper the project. The area is protected but i do not believe it is off-limits, so people will already be going into that area. The development will bring a few more people. Are they going to cordon off the area to protect it from the locals too? To the South East of Greece is the Island of Crete. On the North East most section you will see a zoned area. http://natura2000.eea.europa.eu/# Hopefully we won't have too long to wait for a verdict.