Here's that article from Tarrangower Times. ' Rocky times for Octagonal.' on Sept. 5th. Hope everyone enjoys it. I got them to send me up a copy (snail mail) so donations to cover the cost will be gratefully accepted.
Starts,
'Conditions are challenging at present for Octagonal but there is no truth to te rumour that the company is going to close down its Maldon based operations.
There are however plans in place to close down the processing plant for a period of four to eight weeks. During that time, staff at the plant will take either annual leave or be redeployed at the Union hill mine.
According to Octagonal's Managing Director Anthony Grey, small gold producers are doing it tough, with a relatively low gold price and difficult stock market conditions. While Octagonal is pulling in its horns, other small mining companies throughout Victoria ( Wattle Gully, Costerfield and A1) are also scaling back their operations.
In recent weeks, Octagonal's processing plant has been running 24 hours a day but will be put on a care and maintenance programme once the present supply of material has been exhausted. This has increased gold production and has improved the cash flow situation, as well as taking advantage of cheaper night-time power rates. Open pit operations and exploration projects at Wehla and Maryborough and other sites have also been put on hold, in order to conserve funds.
In the meantime, work at the Union Hill mine continues. According to Octagonal's Victorian General Manager Jason Mills, he has employed extra staff at the mine: one local and two workers from the A1 mine, near Mansfield. "We're optimistic that things will turn around," he said. " We should reach the 1080 level at Union Hill by mid September and ore grades should improve."
Both Anthony and Jason are confident that in the long-term Octagonal's future is secure. " I must commend Jason and all his staff in Maldon for the enthusiasm, tenacity and flexibility that they provide our business as we work towards establishing an ongoing sustainable and prifitable mine in the town," Anthony said. Ends.
ORS Price at posting:
3.4¢ Sentiment: Hold Disclosure: Held
