I own a bit of a flea ridden gold stock : Stock Code : NIU which may just be shaking off its fleas
Its got 2 bn shares on issue and only $50k bank...
Its located in Edie Creek....PNG and its the area that inspired PNG's major Goldrush..and arguably the worlds richest goldfield
Its a producer of gold/silver and some big fundamental changes have taken place over a short space.....and only a $5.4m market cap
Will be very unlucky not to be cash flow positive this qtr tapping Ingapoe vein...
Directors have filled there pockets full of shares @ .002 as part of there salary sacrifice, to the point where Ian and Tracey now own around ~500m shares/18% of the company between them
In the last 7 Months ......NIU has undertaken some significant plant upgrades to be in a position where we are consistently processing high tonnage, the word being consistent....something we have never done.
14 March, 2018
Installation of the 440kVA Cummins generator and associated power distribution line
8 May, 2018
The new, larger vibrating feeder has now been installed, and that modification works to the feed hoppers have been completed.
16 May, 2018
Taken immediate delivery of a further two (2) second-hand Komatsu D85 bulldozers and one second-hand Komatsu HM400 40 tonne articulated tip-truck from Harmony Gold’s adjacent Hidden Valley mine. I believe these included all the spare parts they had as well as part of the agreement.
2 July, 2018
Completed the funding and acquisition of a new 6 tonne JCB excavator and a second-hand Kawasaki wheel-loader.
Sept 2018 Qtrly
Two Komatsu D85 bulldozers, Komatsu D65 bulldozer, new 6 tonne excavator and a second-hand Kawasaki wheel loader
now all operational, significantly increasing mining capacity and volumes and resulting in an increase in mining and processing efficiency
The Company is planning on expanding its Edie Creek mining operations and capacity through the acquisition of a third large excavator, a 30t articulated tip truck, a fuel and services truck and another loader. These are currently the subject of negotiations.
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14 September, 2018
Niuminco announced bonanza grades of 83.3g/t gold from a newly discovered vein in the Ingopae area of Edie Creek, approximately 200metres south of the camp compound.
20 September, 2018
Niuminco announced that further bonanza grades of 93.8g/t gold (average) have continued from the sampling of the recently discovered vein in the Ingopae area of Edie Creek, approximately 200metres south of the camp compound
Additionally,
another parallel vein has been discovered
approximately 10metres to the south-east of this vein, and is currently being sampled, despite heavy rain interrupting sampling operations over the past two days.
Waste material from immediately beside the vein was also run through the ball mill on 16 September (38 tonnes) and 17 September (50 tonnes) for testing purposes, producing
only
5.9g and 7.9g gold respectively....Not bad for ONLY
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Harmony Gold (NYSE:HMY)(JSE:HAR), South Africa’s third-largest producer of the precious metal, has become the sole owner of the Hidden Valley mine in Papua New Guinea after partner Australia’s Newcrest Mining (ASX:NCM)
agreed to sell its 50% stake
in the joint venture.
(20min delay)
