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AAU - Antilles Gold

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So_Cynical said:
Here is a little 8 page presentation of what the DR operation looks like...lots a pictures.

http://www.panterragold.com/userfiles/file/news/26_6_2012 LL project update Albion CIL.pdf
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SC, I'm a cynic at heart, and I just don't trust the Albion technology. I don't because if it was so good, then every man and his dog would have bought it and been treating all the bad bad refractory ore that just gets left behind and turning it into gold. If this system was so good, why isn't BHP applying it on decent scales on their A1 tailings throughout the world? Anyway, that's why I come to this stock with some sense of caution. The Albion Plant is yet to be proven on this project. I think if it is, it will literally turn turds into gold.

Having said that, how much is factored in to the SP?

What's the upside?
 
kennas said:
SC, I'm a cynic at heart, and I just don't trust the Albion technology. I don't because if it was so good, then every man and his dog would have bought it and been treating all the bad bad refractory ore that just gets left behind and turning it into gold. If this system was so good, why isn't BHP applying it on decent scales on their A1 tailings throughout the world? Anyway, that's why I come to this stock with some sense of caution. The Albion Plant is yet to be proven on this project. I think if it is, it will literally turn turds into gold.

Having said that, how much is factored in to the SP?

What's the upside?
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I was always a believer in the technology because it was fairly simple and the ore had been tested in the Demonstration plant..so i knew it worked, i suppose what we are about to find out is will it work consistently and will it work (the plant) at designed throughput, thus are the projected numbers fair dinkum?

How much is factored in to the SP?

jeez i imagine that the demonstration plant announcements that i read 3-4 years ago are still available on-line, and considering that PGI is such a small cap and first pour/Albion/Dominican Republic and all. :dunno:

What's the upside?

My personal target has always been 23 cents, that was going to be sell territory for me and still is...PGI is my only Gold stock now and was held as a sort of GFC 2/3 insurance...im ready to cash in the policy.
 
Good, they're updating often during this phase. Sounds like it's going to plan, but until they give the actual cost per ounce, I'll remain on the fence.

If it goes to plan at the estimated cost I think your price target is very conservative.

3 July 2012

ALBION OXIDATION PROCESS FUNCTIONING TO EXPECTATION LAS LAGUNAS GOLD AND SILVER PROJECT, DOMINICAN REPUBLIC

PanTerra Gold Limited (ASX: PGI) (PanTerra Gold or the “Company”), advises that the Albion oxidation circuit for the reprocessing of high grade refractory tailings from the Pueblo Viejo mine in the Dominican Republic, is operating at around 80% of oxidation levels established during pilot plant test work. The oxidation levels are increasing daily and expected to reach design levels later this week.

Temperatures from the exothermic reactions in the Albion tanks are within 5 °C of the design range within the five tanks, and also increasing.

The oxidised slurry is being fed to the cyanide solution in standard CIL tanks, with gold and silver being adsorbed on to activated carbon in the tanks. Stripping the metals and production of doré bars to complete the extraction process should occur shortly.

Mr Brian Johnson, Executive Chairman of PanTerra Gold, said that the Company is nearing the successful conclusion of what has been an extremely difficult project development from both a technical and corporate perspective. However, if the Albion oxidation process meets expectations, as appears likely, the Intellectual Property that PanTerra Gold has gained could become the cornerstone for the Company to tap into significant business opportunities in Latin America, through participation in the development of mid-sized gold and base metal mining projects involving metallurgically complex refractory ores..
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And interesting comments from Brian saying how 'extremely difficult' the project has been. I can't remember him telling us how hard it all was before, I guess we had to just read into it.
 
Good article on Kitco today explaining the project.

I can't paste in the link as I'm on an iPad, but if you go to Kitco it's in the news.

Perhaps you can paste it in SC.
 
Positive update but mention of another delay.

I'm still on the fence until they put a $$ on cost per ounce which may take a while.

I suppose by that time the word will be well out and potential stag gains will have evaporated. :cautious:

ASX/Media Release
23 July 2012

UPDATE, LAS LAGUNAS PROJECT, DOMINICAN REPUBLIC

PanTerra Gold Limited (ASX: PGI) (PanTerra Gold or the “Company”), advises that the Company’s Albion/CIL process plant at its Las Lagunas project in the Dominican Republic is functioning on a continuous basis in all elements of its operation:

● dredged plant feed;
● concentrate production;
● ultrafine grinding;
● Albion oxidation;
● Carbon-in-Leach extraction;
● electrowinning of metals;
● tails neutralisation and redeposition.

Pouring of gold/silver doré has been delayed due to minor issues with the electrowinning cells which have been resolved, with the first gold pour now scheduled for mid this week. Activated carbon removed from the CIL tanks for metal stripping within the next few days is grading approximately 1500g/t Au.
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First pour announced but I have a question for Brian

Brian, what are the actual recovery rates compared to the pilot test work and why haven't you detailed this material piece of information?'

FIRST GOLD POUR, LAS LAGUNAS PROJECT, DOMINICAN REPUBLIC

PanTerra Gold Limited (ASX: PGI) (PanTerra Gold or the “Company”), advises that its Las Lagunas project in the Dominican Republic has poured its first gold/silver doré.

Mr Brian Johnson, Executive Chairman, said that this was a significant event for the Company, being a world first in the production of precious metals from refractory ores utilising the Albion oxidation process.
It is anticipated the first shipment of doré to the Swiss refiners will occur mid next month, and thereafter at weekly intervals.

Mr Johnson also said the Las Lagunas project had proved to be difficult from both a technical and corporate perspective, but now it was in production, the immediate objective was to progressively increase gold and silver recoveries to the levels demonstrated in early pilot plant testwork. Head grades of feed to the process plant are in line with the JORC indicated resource grades of 3.8g/t Au and 38.6g/t Ag.
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They're getting there with production - teething issues only or are they designed in ?

"Sydney - Wednesday - August 15: (RWE Australian Business News) - PanTerra Gold (PGI) production of gold/silver dore bars is progressively increasing as ramp-up continues at the Las Lagunas project in the Dominican Republic.

Approximately 40 kilos of dore was forwarded to Swiss refiners in the first week of this month.

An additional 120 kilos will be forwarded this week, with a further 200kg expected to be shipped before the end of this month.

It is anticipated budgeted stabilised weekly production of around 380kg of dore will take two to three months to be reached.

Technical and mechanical equipment issues encountered during the hot commissioning of the Albion/CIL process plant are progressively being overcome but have resulted in delays to the ramp-up phase.

Early bars of dore were running at around 30pc gold and 70pc silver but with improving silver recovery, more recent bars are assaying 11pc gold and 89pc silver with minimal impurities, as was expected from earlier pilot plant test work."
 
Getting close to sorting the issues at Las Lagunas should see this one seeing some clear sky you would hope... any holders thoughts?



LAS LAGUNAS GOLD/SILVER PROJECT

UPGRADE OF ULTRAFINE GRINDING MILL

PanTerra Gold Limited (ASX: PGI) (PanTerra Gold or the “Company”), advises that the 48 hour upgrade of the ultrafine grinding mill at the Company’s Las Lagunas gold/silver project in the Dominican Republic will commence tomorrow morning local time, as scheduled.
Removal of the bottleneck to plant throughput should allow design feed levels to be achieved a few days later.
Forecasts for 2013 will be published after three to four weeks of stabilised production following the mill upgrade, and are expected to be robust, with the project operating to design throughput and recoveries.
The project is being undertaken on a profit sharing basis with the Dominican Republic Government which does not cut in until the Company has recovered construction costs. No profit share to the Government (25%) is likely in 2013 with the first payment anticipated in March 2015, based on 2014 results.
No income tax is payable on profits, and the project should generate strong cash flows and early repayment of project loans.
 
Gryphonik said:
Getting close to sorting the issues at Las Lagunas should see this one seeing some clear sky you would hope... any holders thoughts?
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I personally don't think the SP will take off without the POG having a run, the next leg up...if there is a next leg up?
 
Amazing what a couple yrs has done. Pgi is now trading at 1.6 cents, and is going to be consolidated soon. Its fallen over 90%. There has been problem after problem. So many, where could one start. Pgi is in the process of doing a massive capital raise so it can pay its next installment to maq bank, that's how bad things have got. A definite avoid, the risk is just to great now. Pgi has been trying to refinance for the last 6 months, but that has just not happened, banks and institutions want to see the albion plant work well for a few months show how much free cashflow there is, before committing finance. Shame the albion process has worked with conventional ore, in other parts of the world, just not on tailings ore at LL. Management must be tearing there hair out, not much they couldn't have done differently.
 
Pgi is really dropping hard. Not long to the quarterly. Gold is crashing. Mining of low grade ore. Everything is going against pgi. Looks like it could fall further. Not looking good for those long termers. Shame as the technology is really interesting. Hope the company raises a bit of capital to retire some debt and put extra cash to Polaris, and extend the life of the plant
 
It's an interesting company to watch. Yet another case of a company trialing a method, everything looks good, but then year after year after year there's an endless string of excuses, problems, setbacks, unexpected problems and broken promises. I have to wonder if this technology, the Albion process, is so good, why has some obscure smallcap company fumbled around for so many years while no one else has perfected it?

According to the company's own data and projections, this has always looked great. A couple of years ago or so I briefly held when the company claimed (for the xth time) that the problems had been sorted out and everything was looking good. I sold out promptly when that turned out not to be true, for a trivial loss (I wish I was more often good at doing that rather than holding on for the big loss, painfully drawn out over a long period!)

I'm highly wary of companies which tell you how bright their futures are, but year after year simply have a string of excuses, empty promises, and no results. I don't know if in this case they've always known things were no good but are just enjoying their wage, or if they're genuinely just running along with an extraordinary string of bad luck, or if they're incompetent, or if it's something else, but however you see things it's difficult to expect good results from a company with this record.
 
The quarterly came out and what an absolute shocker it was. Grade was down (everybody new this), maintainance costs where up?, no payment to Mac bank, therefore the breaking of another contract with Mac bank, and back to the negotiating table for new payment schedule, the stopping of the Polaris project, the extension of time required for import of ore beyond one year now, falling gold price means falling profitability, likely negative cashflow as the company didn't disclose cash at bank. Good will form Mac bank keeping this company going, other lenders aren't stepping upto the plate. Looks like the only way the loans are getting repayed is from closing out the hedge, capital raised. Not much cashflow over the last few years used to paid down debt. Looks like a marginal project at best. Can't see how management are going to extract value from the project. Polaris is stopped, import of ore is stuck in paperwork and negotiation for at least a year or so. Talk about other ores sources are just that, talk. More shares are going to be issued for shareholder loans, so atleast another 15% more shares on issue by years end. No wonder the share price is dropping
 
Pgi definitely needs a capital raising to forward the company. Amazing one hasn't been done in the last 12 months. With the shares being so low, its going to be painful for long termers, but its the only course of action. The loans need to be reduced and capital needs to be there incase pgi signs up to any more ore deals. Long way back now for holders. Ah well, lost most of the shares value now, the little that is left, you may as well let it ride, and see what happens.
 
Pgi has closed the hedge down to $1,100 per ounce, therefore reducing the Mac bank loans down to around 15m. Together with the camif loans of 10m, theres around 25m of loans to go, which for a four year project is much more manageable. Obviously the lower gold hedge hurts future profitability, but at the moment debt reduction is the main priority, as most loans are high interest loans. Looks like management are going to concentrate on getting la langus as profitable as possible, with cost cutting measures implemented now, which will hopefully offset the lost in future earnings. Management have revised down forecasts for gold production for next quarter, which is a sensible thing, as continuing to miss targets really hurts the share price, investors don't like surprises. Maybe the the fall in share price will finally stop now, as the company appears to be heading in the right direction.
 
the investor presentation was a shocker. Some times it better to say nothing at all. This was one of those times. Every time one comes out the project appears more and more marginal. The rivers of gold have certainly disappeared now. With everything going right a modest profit is only achievable after paying out all outstanding loans.

Polaris looks like its finished. What a waste of time and money that was. Someone needs to fall on there sword for the bad decision there.

The only ray of sunshine is a possible china ore deal one day. But going on PGI history, this will likely amount to nothing, like every other deal has. So one needs to take it with a pinch of salt. Until its signed sealed and delivered, its just background noise.

Looks like single figures are not far off again. Bugger
 
oh dear, the half year report was terrible. Produce numbers like that again and its all over. I was sadly right , that a capital raise was needed, but wrong in thinking its to pay down debt. Its needed to stay afloat and give the company a cash reserve, as pgi hasn't got much cash left. How have the directors let the company get into this position is staggering. It wasn't long ago that the market cap was 30m +. A cap raising should have happened then, not now when the market cap is 6m and falling. Nothing can go wrong any more there simply isn't the cash backing anymore, and the appetite form investors to take up there rights at 10 cents, is not there when the shares are trading at 8 cents now. What a really sad state of affairs. The Chinese deal is the only ray of sunshine for shareholders, but that is atleast 2 years away, can pgi last that long, that's the question. I hope so for everybodies sake including mine.

Production is up which is a start. Hopefully there's a turn around from that. Lift in the gold price will help, but this 1100 hedge is going to be a real problem if the gold price goes up
 
looks like im out. I either have to buy more shares to be a shareholder or the company is going to buy all my shares. Once my Pgi shares was worth a bit, not now, most long termers would be down over 90%. Seems like the extra buying lately is people upping stakes to stay as shareholders

Gold is crashing again, maybe pgi can cash in its hedge again and reduce the mac bank loans. Maybe Pgi should go into trading the gold price, instead of processing gold, seem to get the gold price right most of the time.
 
adds4 said:
looks like im out. I either have to buy more shares to be a shareholder or the company is going to buy all my shares. Once my Pgi shares was worth a bit, not now, most long termers would be down over 90%. Seems like the extra buying lately is people upping stakes to stay as shareholders

Gold is crashing again, maybe pgi can cash in its hedge again and reduce the mac bank loans. Maybe Pgi should go into trading the gold price, instead of processing gold, seem to get the gold price right most of the time.
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Yeah my once somewhat valuable shares are as worthless as yours, thing is though that pretty much 99% of the small and micro cap gold and resource stocks are also worthless, at least PGI has a cash flow - some hope of digging itself out of this hole.

Gold ain't crashing again, testing the lows as it was always going to do....notice how everyone has taken their eye of it, POG down about 13% on the 1 year chart..that's not a crash.
 
So_Cynical said:
Yeah my once somewhat valuable shares are as worthless as yours, thing is though that pretty much 99% of the small and micro cap gold and resource stocks are also worthless, at least PGI has a cash flow - some hope of digging itself out of this hole.

Gold ain't crashing again, testing the lows as it was always going to do....notice how everyone has taken their eye of it, POG down about 13% on the 1 year chart..that's not a crash.
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its a shame we have to compare pgi to all the other micro cap goldies. Pgi should have been compared to nst. mlx, ncm, sau etc. Companies that can make good coin even in this challenging gold environment. Debt has and will kill this company. Don't get me wrong debt is good when things are going well, but the size of the loan was just too big for this company to start with. Good hedging has saved the day. that's pretty much gone now. I don't know how pgi is going to pay for the balloon payment, its worth more than market cap
 
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