CGT - Castlemaine Goldfields

[noirua]

Castlemaine Goldfields are exploring for gold in the Victorian Goldfields. Their projects are the Castlemaine Project, Sebastian Project and Tarnagulla Project.
Website: http://www.cgt.net.au

Radio Broadcast about CGT's discovery of gold at the Pine Plantation in the Castlemain Goldfields, Mr Gary Scanlon, MD and CEO: http://www.brr.com.au/event/43286

 

[explod]

Announcement yesterday indicates they may have something. I have put them on a watch and will do some checking. Anyone with knowledge of this to put in the pot?

cheers explod

 

[edurden]

CGT - Castlemaine Goldfields Limited

Hi Guys,

I searched for a thread on this mine however had no luck, only found results for Capital Gains Tax - forgive me if one already exists.

Just wondering if anyone has done any analysis on this stock?

I have a good friend who works there and believes that the Ballarat mine is looking really promising and they are running very efficiently...obviously don't want to buy stocks based on friends recommendations so just wondering if anyone has any other info

 

[edurden]

Apparently the engineers are thinking it is looking very positive at this stage.

Also they have sold a large amount of equipment/infrastructure - running crews very lean but morale is high.

I purchased a small amount, decided to get in before production is announced

 

[blakilox]

Castlemain Goldfields CGT – I’m up about 16% on it this past week, what I think is if they drill in there and record that level again it will give it a second bump on the shareprice and that could happen in the next week or 2 , then in September when they have the first gold pour they change status from explorer to producer, given they think they have proven that they are sitting on at least 2 million ounces and have their Infrastructure fully in place paid for courtesy of Lihir messing up the geology and selling out at a huge loss, they are going to mine the other end of the tunnel, Lihir bought it for like 350 million and I also read they put like about 400 million into the infrastructure though I am not sure if they were also talking about the infrastructure and the sale price, the new owners bought it for 4.5 million seems they have very low debt, would that 50,000 ounces pay off all their debt in the first year alone? they seem to have good management in place and have a pile of ore out of the ground ready for their gold pour, so it should go on schedule I an guessing it could make at the least a good jump of the stock price by September, I think where their stock price for how much gold they are sitting on could it go to 40 cents over the next few years? however I don’t know much about the history though seems the Bendigo Ballarat mines have a very bad reputation from the past mess ups and I think that is part reason the shares are so low, they are saying “The best ever results ever at the Bendigo minefield” I don’t know if that is ever of all time or just recently since they started drilling again anyway I put 750,000 shares in it so hopefully one day it goes to $1 if they can start pulling up that gold they just found I am thinking perhaps it could go some way to restore the reputation I think this thing has been flying below the radar and is a really good story their website is worth having a study and listen to the Audio about the "Spectacular gold intersection"

 

[Gar]

First gold poured yesterday, production ramping up, things are starting to come together for these guys.

Presentation at the RIU Resources Round-Up today
http://www.asx.com.au/asxpdf/20110928/pdf/421ch5wfh9sjmx.pdf

 

[style69]

they've recently produced their first gold bar......
Though share price and gold price has come off

cant wait to see their quarterly update - P/L

 

[trader045]

CGT

The price of CGT was 37 cents few days ago it is now 12.5 the volume for this stock has been very high in the past days do you think that it is a good time to buy this stock now please let me have your opinion

regards

 

[springhill]

MC - $58m
SP - 19.5c
Shares - 299m
Options - 240k
Cash - $18m ($14m spend this quarter, $10m of that on mining costs)

Inaugural Britannia Mako Inferred Resource Ballarat Gold Project
• Total Inferred Mineral Resource1 for the Britannia compartment of:-
100,000 tonnes at 8.0 g/t Au for 25,700 ounces of gold
• Gold grade ranging from 4.0 to 9.0 g/t Au
• Exploration Target2 of 60,000 to 120,000 tonnes at between 3 and 7 g/t Au identified in adjacent areas of the Britannia compartment
• Southern extensions within the Britannia compartment possible with assays awaited for a visible gold in quartz intersection 30m south of the Mako Deep lode
• Recent exploration result of 6.75m @ 10.3 g/t Au from infill drilling
• A revised total Exploration Target2 for the Ballarat Gold Project of:-
390,000 to 770,000 tonnes at between 4 and 8 g/t Au for a potential 50,000 to 195,000 ounces of gold.

The consolidated Inferred Mineral Resource (for the Llanberris and Britannia compartments) for the Ballarat Gold Project is:-
• 263,000 tonnes at 8.5 g/t Au for 71,700 ounces (ranging 5.0 to 10.0 g/t Au)



Ballarat Mine Performance:-
● Quarterly gold production was 9,336 ounces from the processing of 46,518 tonnes at a gold grade of 9.2 g/t Au.
● Underground mine development achieved 643 metres for the quarter, with 85% of this occurring in ore.
● The strong mine production ramp-up to its stated target rate of 220,000tpa was achieved from the establishment of eight working headings within the high-grade Mako and Tiger Lodes in the Llanberris compartment, complemented by the successful application of narrow vein up-hole mining techniques in two stopes.
● The Cash Operating Cost per Ounce1 was $569/oz and the Total Production Cost per Ounce2 was $1,002/oz for the quarter.
● $12.2M was received from the sale of 7,752 ounces of gold bullion, at an average spot price of A$1,575 per ounce. Cash on hand as at June 30 2012 was $18.5M, inclusive of the $3.9M capital raising in the quarter.
● The Llanberris Mako JORC Inferred Mineral Resource3 has been updated to 163,000 tonnes at 9.0 g/t Au for 46,000 ounces.
● Exploration success continued within the Britannia compartment with resource estimation in progress.

Corporate:-
● A share placement of 33.9M shares was made to LionGold Corp of Singapore in April 2012, raising $3.9M for Ballarat and regional exploration activities.
● An all scrip take-over offer by LionGold was announced in April 2012 and has been unanimously recommended by the Castlemaine directors in the absence of a superior proposal.
● LionGold’s Bidder’s Statement was lodged with ASIC on 13 June 2012. Castlemaine’s response – its Target’s Statement – was lodged on 28 June 2012. The takeover offer has been extended to 13 August 2012.
● As at 22 July 2012, LionGold had an interest in approximately 25% of CGT shares inclusive of the placement.
● As at 24 July 2012, the offer values CGT shares at 21.8 cents per share, at the top end of the share trading range since the takeover announcement, and is an 89% premium based on the last trading day’s CGT share price prior to the offer announcement.

 

[noirua]

One of my old holdings that did quite well. Castlemaine Goldfields are all but taken over by Lion Gold of Singapore, so I can't see much point in investing now.