Avesoro Res. Share Discussion Threads

[horneblower] 11/2/2016 14:09

Did the directors take too much out for themselves and left not enough to run the mine plus contingencies?

[stevie blunder] 11/2/2016 12:31

AUE: the only gold mine you can hold and lose money when the price of gold rises, now that is an achievement.

Seriously, if they had managed the commissioning of the mine with any competence we would be sitting pretty. AISC of $820, gold over $1200, a million ounces to produce, where's the effing problem?

Rant over.

[beeezzz] 09/2/2016 16:55

All we can hope for is POG to increase substantially....was mentioned on Bloomberg it could go either way by as much $100, if we breach 1200$ again it could be a buy signal on the gold front not this pile.

The problem lies with the fact they should have got decent mining equipment which was designed to do the job, rather than some toy plastic stuff which sounds like its not up too much.

[ridicule] 09/2/2016 16:11

Don't disagree Diesel. I was just trying to give a feel for the impact of a stronger POG.

[diesel] 09/2/2016 15:22

Ridicule, the problem with trying to understand the economics is one has to draw too many assumptions.
I believe that prior to the last round of borrowings, the "all in costs" including scheduled debt repayment were circ. $1100/oz., doesn't give much of a margin! However, that would have been calculated at the 10-12k/month output they were targeting, for the past few months they have been racking up more debt, no one knows where they stand now, and what the current AISC are even if they reach there target production levels.

[ridicule] 09/2/2016 15:01

Given they had produced 3663 0z during January up to 22nd, it is reasonable to assume in the absence of any real details on the technical problems, that they should produce 4500 for the month as a whole. The mine plan for 2016 was 100,000 ozs a year - equal to 8334 ozs per month. There is thus a current shortfall of 3834 ozs per month from the mine plan. The RNS stated that they hoped to reach the planned monthly output by the end of Q1.

The RNS also said that the average price their gold to date had sold for was $1113 per oz. Today the POG is $1196 with upward pressure caused by the latest round of market jitters. At the assumed 4500 oz number for January this produces a delta of: $1196 -$1113($83)x 4500 = $373,500. $4,482,000 for the whole year if the POG holds up and they fail to improve performance. If the improved performance is achieved, i.e. 8334 oz per month: then the delta from Q1 onwards for the year is $83x8334x9 = $6,225,498. The total income from Q1 onwards at today's POG for the last 3 quarters would be 1196x8334x9 = $89,707,176.
Of course the figures I show are conjecture and the run of mine costs have to be discounted before profit numbers are arrived at, but if gold holds up, the BoD or special committee should be able to make a reasonable fist of getting us out of this mess.

[arf dysg] 09/2/2016 09:59

Enemas are anathema to me. In fact, I think I'll write a song about it. We could make it our national song and it would be called "The Enema Anathema Anthem".

[parthus] 08/2/2016 17:10

Nursey has a plethora of anenamas on hand.... ooops maybe I should rephrase that !

[arf dysg] 08/2/2016 10:41

Oh, look, it's going up! It's almost reached 3p! We're saved, SAVED I tell you!

[ukgeorge] 08/2/2016 10:20

is there life in the cat??

PI's will no doubt get the news in a couple of days....

[beeezzz] 05/2/2016 22:29

I know where I would like to stuff a stick of dynamite......

[ukgeorge] 05/2/2016 22:13

Pretty sure aureus don't even have a pot...............

[arf dysg] 05/2/2016 16:40

That means that Aureus have enough spare money to be able to sponsor the conference.

[clinton baptiste] 05/2/2016 07:50

Never mind, it's the Mining Indaba in Cape Town next week and I see that Aureus are "participating sponsors". Oh to be in Cape Town in February!

[clinton baptiste] 05/2/2016 07:24

Special Committee, lol. Stable door and horses spring to mind.
I had a lot of respect for David Reading from his time at EGU, but this has been an absolute disgrace.
Oh, and personally I'd be surprised if they've managed to sort out the explosives supply issue

[blueliner] 03/2/2016 18:25

'and all those that put their holdings in ISA's or SIPP's cannot even offset losses against profits.'

Too true

[ukgeorge] 03/2/2016 17:32

CEO of the year, lol

[ohisay] 03/2/2016 17:24

As an ex investor in Affero I watched this one last year.



I was not impressed at all especially by Netherway .
This is a bad management problem for sure.

[shavian] 03/2/2016 16:31

POG rising to 1140 gives us some hope

[arf dysg] 02/2/2016 15:50

"APPOINTMENT OF SPECIAL COMMITTEE

Aureus Mining Inc. [...] a Special Committee [...] to enhance shareholder value."


How are they going to do that? I suggest they build a time machine to go back a few months and use the previous placing TO ACTUALLY DO MINING instead of buying more territory.

[jimcar] 02/2/2016 11:15

I saw Reading give a presentation shortly before the rights issue. He was very downbeat. The only time he showed any passion was when he talked about the possibilities for the sites around New Liberty (i.e. not Ndabama?) which included the new purchase. He talked of an idea to put in hydro in the nearby river serving the sites which could halve energy costs, giving a large, low cost resource. He also talked about approahes for joint ventures.

I think this is a decent resource, badly executed that might make someone decent money (POG willing) but probably not current shareholders.

[diesel] 02/2/2016 09:47

So I presume the mine will not be reaching commercial production targets, it would be good to understand why. It sounds as if the plant design is flawed, and I would imagine that they have been processing all the highest recoveries first! It is curious that amidst there obvious problems in the primary job of getting the mine functioning they should be looking at buying more acreage! Anyway, I've written off the remainder of my investment here, but should POG continue to improve they may yet surprise us.