Lengthy post and all IMO but the sequence of events is important.
Spot on penrice1, What next? is the question, not just in respect to the CR but also in respect to the direction of the Company. From early 2016 VAN made it very clear that K2 was going to be brought into production. By the end of the year Gov Approval for the de-watering had been granted, pumping equipment had been mobilised and a timeline suggesting pumping would be completed by mid March 2017. Then in mid March the Company announced the commencement of the de-watering program (is that happening?). At the end of June 2017, Trident and K1 became their focus and by the end of July VAN was calling it their Flagship Trident Deposit. The last quarterly in July 2017 VAN stated they were progressing plans to bring the K2 deposit into production. The focus does appear to have changed from K2 to Trident since earlier this year, not long after the $4.28mill loan facility was established (The three highest financiers are all Top 20 holders). VAN is currently seeking further capital from Shareholders and other 3rd party professionals. This could come from a similar group of investors. Could the loans have been conditional on the funds being directed to Trident? As far as what next? who knows but early production from wherever in Plutonic Dome has to happen and as soon as possible. VAN needs revenue to service it's loans and fund further exploration. Where's DAU in all of this? Negotiating a JV with VAN that doesn't seem to be getting too far. Let's hope that the funding will facilitate early production and revenue for VAN. Cheers, E.
Jan 16th 2016 Agreement to Purchase 100% Plutonic Dome
May 16th 2016 Completed agreement to Purchase 100% Plutonic Dome
Aug 25th 2016 Agreement for 100% ownership of Plutonic Dome Completed
Dec 16th 2016 Vango enters into a Heads of Agreement to fund up to $3M for development of K2 Underground
Site work in preparation for dewatering of the underground decline and K2 pit has commenced.
Pumping of the water will commence mid to late January 2017 and is expected to be completed within 60 days of commencement. In addition, a program of works has already been submitted and approved by the WA Department of Mines and Petroleum to facilitate surface drilling.
31 December 2016
The Company had outstanding loans from private investors totalling $4,284,589 including accrued interest. These loans are for a term of 2 years with interest payable at the rate of 25% per annum. Interest is calculated on a biannual basis and payable 6 months in arrears. The Company has the right to repay any loan at any time during its term. Details of the loans drawn are as follows:
Lender Loan Amount
Gifted Force International Ltd $2,000,000
Brook & Valley Pty Ltd $2,000,000
Christopher Kuznetsoff $350,000
AGH Demolition Pty Ltd $200,000
Kristofer Sales $200,000
Michelle La Pavoux $100,000
Feb 14th 2017 K2 Development Plan
Based on the positive outcomes of the upgraded DFS, Vango will now expedite its plans to bring the K2 Deposit into production in the near term, pursuant to its agreement with Dampier. It then plans to utilise the free cash flows generated to expand Resources at the Trident Deposit within the Plutonic Dome Project with a view to developing Trident into a long term gold producing project. At K2, the Company also plans to expand the Resource base, and the potential mine life of the proposed mining operation, by targeted drilling programs designed to delineate additional Resources. These are anticipated to be conducted in H1,2017 and further details of these programs will be provided in due course.
March 29th 2017; VANGO TO COMMENCE DE-WATERING AT K2 GOLD DEPOSIT
Vango Mining Limited (ASX: VAN) (Vango, the Company) is pleased to announce the commencement of its de-watering program at the K2 Gold Deposit within the Company's 100%-owned Plutonic Dome Gold Project in the Mid West region of Western Australia.
June 29th 2017; Gold exploration and development company, Vango Mining Limited (ASX: VAN) (the Company) is pleased to announce that it has intersected high-grade gold mineralisation in the first two Diamond drillholes from its recently completed drilling programme at the Trident Prospect, on the Company's 100%-owned Plutonic Dome Gold Project in the Mid-West region of Western Australia.
17th July 2017; FURTHER HIGH GRADE GOLD INTERSECTIONS AT PLUTONIC DOME GOLD PROJECT HIGHLIGHTS
Further high-grade gold intersections in remaining three diamond holes at Trident Deposit
31st July 2017 QUARTERLY ACTIVITIES REPORT PERIOD ENDING 30 JUNE 2017
Highly successful drilling programme completed at Plutonic Dome Project targeting the
flagship Trident Deposit and nearby K1 Deposit. Vango released an update to the K2 Deposit Definitive Feasibility Study in Q1 2017 and based on its positive outcomes is progressing plans to bring the K2 Deposit into production.
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