Here is some interesting news when the western queen was shut. Since then Ramelius diverted its resources to another mine. The western queen Gold mine estimated to have 23000 ounces of Gold.
My understanding This Gold is there and there could be lot more deeper.
my question is how on earth would Ramelius Give shares of it to Monax and my answer is The new Director of Monax (Previously and currently connected to Ramelius) had his say in this deal which is an excellent deal.
By December Monax will upgrade the Gold estimate, which is not away from mining.
I beleive this is going to be game changer for Monax which is going to bring quick cash to the company.
Here is some old news about the mine which explains why it why shut since 2013 and now Monax has a share in it.
"Pit wall collapse at WA gold mine
December 6, 2013News Vicky Validakis
A pit wall collapse at Ramelius Resources’ Western Queen South gold mine has forced the company into its second trading halt in less than a month.
The company called for the halt yesterday as it prepares an announcement about the wall failure.
Last month a ball mill motor failure at its Mt Magnet operation saw the company’s shares halted, West Australian reported.
It warned the disruption would affect its production guidance for the December quarter because of reduced capacity.
Earlier this year the miner recorded a loss before income tax of $67.7 million for the year to June 30, largely because of impairment costs of $61.8 million against the carrying value of its assets.
The Western Queen South gold project in WA has an expected mine life of 12 months producing about 23,000 ounces of gold at a head grade of 3.9 grams per tonne.
The project signals the first of a number of smaller high grade deposits to be mined at Mt Magnet that will increase overall grade.
Ramelius said it could not comment further on the potential causes of the pit wall collapse."
