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sisyphus

3,031 Posts.

14

05/08/14

15:40

Post #: 13772742
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Originally posted by sydneysider ↑

JID,

Understand that ORS is now operating the underground mine on a 24/5 basis and is running at 2 mining shifts. That equates to development of +3 metres per day to advance the decline and develop the 1080 Level. By my rough estimate they need another 50 metres on the decline, 30 metres for ore access and other functions and can get about 50 metres of horizontal development completed to open up the Eaglehawk and Western Reef at the 1080 Level.

So there is a good chance that they might get very close to a break even quarter in terms of total cash outflow based on gold production. IF they manage to get the grade control issue under control, probably by scalping (mechanical screening out the large chunks of barren material) and by more carefully managing vein extraction.

IF they do manage to pull this off they have at least (from the 1,100 Level) 38 metres of high grade strike on the Eaglehawk to evaluate and 30 metres on the Western Reef.

Good Luck to all longs

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Hmm - hope you're right sydneysider re breaking even next quarter. $2.3 million cash in hand seems mighty low at this stage of the game. Can't help thinking that the company will need another capital raising soon (or a joint venture ?)

ORS Price at posting: 3.3¢ Sentiment: Hold Disclosure: Held
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