John Dentice who is well experienced with gold mining operations bought more ORS at $0.035. ORs has $2.32M in cash and has budgeted $705,000 for production and processing for the current quarter so I assume that production will be at least 500 ounces or at least $700,000.
Forecast outgoings for the current quarter are $1.5M less income of +$700,000 (estimated) for a cash outflow of $800,000. At the end of this quarter ORS will be well advanced on the development of gold veins on the lower 1080 Level. ORS now has two mining teams operating 24/5 so development should running at around 16.5 metres per week over nine weeks is 148.5 metres. So approximately 50 metres to reach the 1080 Level, then 30 metres for cross cut into 1080 Level for a total of 80 metres and leaving 68.5 metres of development along 1080 Level and removal of stockpiles on 1,100 Level.
Am guesstimating that narrower mining width and scalping of feedstock ore will boost gold grades to +6 g/t. AND still hold $1.5M in cash and allow for full development and mining of multiple levels.
ORS Price at posting:
3.0¢ Sentiment: Buy Disclosure: Held
