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Tue, 7th Feb 2023 07:00
RNS Number : 0869P
Great Western Mining Corp. plc
07 February 2023
GREAT WESTERN MINING CORPORATION PLC
("Great Western", "GWM" or the "Company")
Operations Update
Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW) which is exploring and developing gold, silver and copper targets in Nevada is pleased to provide the following activity update:
PRODUCTION
In January, Western Milling LLC, (a production joint venture, 50% owned by the Company) attended a review meeting with the Nevada Department of Environmental Protection (NDEP), the state agency responsible for regulating its proposed mill, which is being constructed to produce gold and silver concentrates from pre-mined material and shallow ore. Certain changes to the plans were requested by NDEP, all of which were reasonable and will be easily manageable, with a modified plan now submitted for formal approval.
NDEP approval is required for the operating phase but not for the construction phase and accordingly the joint venture can proceed confidently with mill construction while awaiting formal approval for operations.
Ground conditions at the mill site are now good and surface work started last week in preparation for laying concrete, scheduled for the end of this month, subject to weather conditions.
PRIORITY EXPLORATION DRILLING
Follow-up shallow drilling at The Olympic Gold Project is a priority for Great Western. A track-mounted RC (reverse circulation) drill rig has now been secured and is currently being mobilised to the Olympic Gold site for shallow drilling at the OMCO Mine prospect.
Drilling in 2022 intercepted the OMCO Mine vein for the first time and an extension to the OMCO Mine is now believed to have been established. This previously reported intercept contained 6.10 m at 2.682 g/t gold from 38.10 m, including 1.52 m at 8.110 g/t gold and 1.52 m at 1.74 g/t gold.
The discovery can potentially be expanded by drilling angled holes from the same permitted pad position. Drill timing will depend on weather conditions at the site and crew availability.
APPOINTMENT OF AUDITOR
As part of a rotation policy, PKF Ireland has been appointed the Company's auditor for the financial year ended 31 December 2022 and going forward, replacing KPMG Ireland. Shareholders will be asked to approve this appointment at the next general meeting of the Company.
COMPANY PRESENTATION
An updated corporate presentation has been uploaded to the Company's website and can be found at https://www.greatwesternmining.com/investors/company-presentations/
TAX CREDIT
Great Western has been granted a tax credit in the form of an £83,000 cash payment for geological work in carried out in the years 2020 and 2021.
Great Western Chairman Brian Hall commented: "We are pleased to have started work on the mill site and to have secured a drill rig for shallow drilling at the OMCO Mine pros
Time to walk away from all this chatter and let this play out.
I originally bought a lump at the beginning of 2021, have been gently adding over that period and will let my few million shares do their work!
It will be interesting to see where this is at year end $$$.
Using Times Revenue model, I believe the company valuation could be 4x$325m=$1,300m
Divide that by 16,900m shares and you get to circa $0.077per share, or 7.7c which equates to 6.5p per share.
That’s x16 from where it sits now.
Someone correct me if I’m wrong.
https://www.thearmchairtrader.com/gold-investing-isa-royal-mint/
https://youtu.be/ZbZSe6N_BXs
Enough said!
https://twitter.com/kazeraglobalinv/status/1614999061890752513?s=46&t=xzXKb-pdmWMnaudYJAkfig
?????????? ?????????????? ?????????? - ????????????????
- @KazeraGlobalInv started mining the Walviskop #HMS deposits in late 2022
- Ilmenite is a grey coloured, magnetic mineral sand used to produce commercial titanium oxide ores.
#KZG #Ilmenite #HMS
buff.ly/3IIwiMP
And interestingly enough, my top up this morning after the initial pull back from the opening spike, is showing as a sell. I did think I was getting a good price!
But it just goes to show that you cannot trust the blue vs red trades as they are not accurate at all.
Which folks have set sellsa at 0.30p?
I certianly haven't!
@steven49 you always sound like you need a hug. Hopefully you have a loving partner or a companion dog to keep you in good spirits. There, there, it will all be ok....
They did not need to but companies do miss deadlines, either through inefficiency or as you say McQUeen, for nefarious reasons.
The link to the rule:
https://www.iasplus.com/en-gb/news/2022/03/fca-and-aim-end-deadline-relaxations
Could be they got caught with their trousers down and through laziness/inefficency did not compile the accounts on time (like last year) without realising that the rules had chaged and they now must suspend.
I sincerely hope this is the case, but on AIM Ive learnt on AIM to expect the unexpceted so McQueen you could be right, but I'm giving them the benefit of the doubt and have no choice now but to sit it out. What I do know though is that money is coming in while it is suspended.
We may get a pleasant surprise when the suspension gets lifted.
Just reread the RNS of 29th Dec…
Hopefully and finally our patience as LTHs will be rewarded.
Looking forward to the first production update RNS in 2023:
Operational and Financial Highlights
· Acquisition and refurbishment of Rustenburg smelter, funded by a £4.5 million Placing post Period end, will enable Ironveld to mine and process ore for the first time;
· Mining activities commenced December 2022; and
· First furnace close to production at Rustenburg smelter.
Outlook
· 2023 expected to see production and sales increase rapidly as the smelter moves to full capacity production.