Member Info for Winston270

Gibbo1066 - Don't forget that the positive ZAR 3.1m balance was based on near term receivables / liabilities i.e. I would read that to end of June. As we are now well through July, I would expect a further months worth of turnover (& hopefully profit) to be thrown in to the mix. Supposedly 'The income generated from gold produced and tolling fees has been utilised to pay down outstanding creditors, so as to ensure that historical debtors are reduced' - we still don't know what these were and if any long-term debts have been reduced. Also, the majority of the concentrator circuit appears to have been paid for from the latest tranche of the 'Mr. Jia Bang Wang' loan of $250k.

Gibbo1066, I'm with you. All excuses must have now been exhausted for failing to deliver and surely our run of bad luck & set backs must now be behind us...... The fact that they haven't rushed to announce a fund raising surely can only be a positive / Puno have also been quiet since the High Court ruling. We live in hope they we will see our original investment back & a little profit wouldn't go a miss for all the years of pain CRND shareholders have suffered thinking it's finally going to happen. Will 2017 finally be our year....... !?!

Gibbo1066, granted, it is hard to determine what CRND may be generating in terms of profits from the existing ore processing business and hopefully soon with the concentrator circuit coming on stream, I would expect acquired mine dumps to be the more profitable side than the original ore processing contract. It would be good to finally see the annual report released, even if unaudited, to gauge level of turnover for the year & see where/what debts have been paid off with the proceeds. Even in the past and annual & interim reports are released that close together the news flow is generally way behind current position. I've been here for years and I'm well down like most here, even despite averaging down on a number of occasions. I never cease to be amazed with this one, a number of times I thought we'd finally turned the corner and was sadly disappointed, I think everything that could possibly have gone wrong, has gone wrong with this one, hopefully the winds are changing and the run of bad luck & unexpected events has finally finished. As for believing anything Johan has said in the past...... he couldn't manage to pull off the $150 million sale to any of the 4 Chinese suitors..... With the Puno case appearing settled once and for all and the water level at lowest ever level/nearing levels where underground mining can recommence, I'm struggling to see how this can't put CRND in a stronger position with any on-going negotiations happening in the background, but we'll see. I believe the company had ZAR 3.1m near term headroom from the operational update virtually a month ago, I would like to think that the fact that all is still quiet, we are still suspended & no news of a placing or Bergen is positive, but we'll see....... Like you say, just to get back to breakeven would be amazing, anything else a bonus!

Gibbo, I see where you're coming from. The only other thing to point out, is that although CRND have acquired the mine waste dumps and they could potentially generate a regular / solid revenue stream that you suggest, it will not all be in CRND's coffers, outgoings will also increase due to the following agreement: The Mine Waste Dumps are jointly owned by a South African company and their Black Economic Empowerment partner ("Vendor"). 'Key Terms of Mine Waste Dump Agreement' Under the agreement with the Vendor, CRG will be responsible for the conducting and managing of the mining, transportation, milling, leaching, smelting and gold refining of the Mine Waste Dumps' materials. Under the Mine Waste Dumps agreement, the Company is required to pay the Vendor a nominal Rand per tonne fee and a percentage of the earnings before interest, tax, depreciation and amortisation.

takeachnace1, I don't remember a figure that low, I've had a quick look over previous years all in cash costs (some years are missing / can't find), but the figures are much higher. Whilst surface mining has been profitable in the past, I don't recall underground mining being anywhere near as they never got the volume needed, and certainly not at current POG levels. Final results 31st Dec 2015: As a consequence of the increased ounces and cost reduction, all-in cash operating costs per ounce decreased to US$1,643 per ounce against the prior year's US$2,521 per ounce. Final results 31st Dec 2013: -- While the Company had been expecting to make a modest profit and be cash-positive over the year, the reality was an 'All-in' operating cost that was US$447 per ounce higher than last year at US$2,425 per ounce, an operating loss, and a net cash draw down of US$8.9 million. The outcome of the above is lower economies of scale, in a predominantly fixed cost environment, resulting in higher than benchmark all-in cash operating costs per ounce of US$2,236 (June 2012: US$1,695). With improved underground mining and ore sorting protocols expected when the upgraded process plant is commissioned, production and economies of scale are expected to normalise to benchmark levels. Reduced operating costs Surface mining Surface mining cash operating costs reduced by 26.0% to an average of US$1,115 per ounce (2010: US$1,519 per ounce) due to the discovery of additional surface materials with better strip ratios, better grades, resized employee headcount, metallurgical process optimisation, and renegotiated material and service contract rates.

Gibbo, How do you arrive at CRND having the 'capabilites to produce $3-4 million gold per month' ? Gold from where? The only gold bearing ore CRND currently have access to is from the dissued mine dumps that were acquired. Although it's positive that the water level is continuing to drop and within range of under ground mining being able to recommence, I don't ever remember CRND getting the all in cash costs for underground mining ore extraction below $1800/oz, when the POG is bouncing off lows of $1200/oz , I don't see how it is going to become a 'very profitable company' anytime soon.

I guess we can only work on the basis that no news is good news and the company is still trading...... Waterlevel now at 170.84 MBS, still July & Aug of dry season to go. Puno dispute now closed out. No response or appeal from Puno after 3 weeks.

Lowest ever level since pumping began, can only be a big plus..... Still up until earley Sept/end of dry season to really make it count

The accounts were to 31st Dec 2016, we're virtually 6 months further forward & still trading, only the shares are suspended.

I agree Captain Cook, the BOD are mostly likely up to their eyeballs with sorting out funding options / Puno Court case and juggling the small amount of spare cash they have to ensure everyone gets paid and the company continues trading. No doubt they have simply left it to the last minute and something has gone wrong.

Final accounts delayed to beyond 30th June.

Water level now at 167.84 MBS @ 18th June

No, the latest RNS is yet another positive...! Although cash is still very tight, they will still have £184K (Zar 3.1million) more than they owe out. I'd like to see them tap up Mr. Jia Bang Wang for an additional short term loan on the back of the Puno High Court award to tide us over and forget any thought of asset sales or placings.

Forgot to add - the suggestions of assett sale has now expanded in to a placing option. Existing shareholders should be included in any placing, and Bergen's services dispenced with. "However, the Directors are still considering a number of solutions [to ensure the Company meets its financial obligations]. These solutions may include the sale of the Company's operating assets or a placing, which is likely to be materially dilutive to shareholders. The Directors cannot guarantee that either of the aforementioned options will be successfully achieved." Also who are these outstanding creditors?? and how much debt has been paid down?? Still no facts & figures on what the processing plant is generating financially The income generated from gold produced and tolling fees has been utilised to pay down outstanding creditors, so as to ensure that historical debtors are reduced.

The BOD seem to like these 4pm RNS's

Glib, All fair points there, I forgot about the small Zhu Loan. I don't see the Bergen Facility as being an option going forward, hence why asset sales were mooted prior to the Puno news. Bergen has destroyed the shareprice & value of the company, although there was still $2million to drawn down, the Mkt Cap at suspension was little over £1 million

We can but hope, I'd like to see Puno removed for the situation altogether and stripped of their shareholding, they've done nothing to support CRND only hinder, so why should they profit in the event of a sale or CRND ever becomes a profitable gold miner in it's own right.

I think there was still approx $1.5 million of convertible securities with Bergen that could still be issued if required, only no value left in the company to covert against.......

CRND don't owe Bergen anything, they have simply been issuing Bergen new discounted shares for cash as/when additional cash has been required and thus diluting existing shareholdings, Bergen have then dumped them & trashed the share price. Hopefully Bergen's services can now be dispensed with...... CRND do owe Mr. Jia Bang Wang $750,000, the last $250,000 of the $1 million still hasn't been received and hopefully will not now been needed. They still owe the long term $7.25 million to Redstone Capital as well, I believe that may be all the debts, unless I forgotten anything?

Confirmation RNS just issued! $5.684 million award it is then..... :-)