Yes, I agree. I would like to see flyboy post with less emotion. I have no control over it. I am a retired Mod simply stating my thoughts. Keep posting your ramps flyboy, and you can attack me to your hearts content as well!I thought your posts were of high quality, and food for thought Flyboy, and hope you continue to post.
I wouldn't let forum disagreement put you off, thats par for the course on forums.
Yes, I agree. I would like to see flyboy post with less emotion. I have no control over it. I am a retired Mod simply stating my thoughts. Keep posting your ramps flyboy, and you can attack me to your hearts content as well!
Can we get back to discussing the stock, PRU?
Any interpretation on the late ann. today? Seems like pretty good news because the SP bounced as soon as it came out. Just unsure on how this effects future forecasts?
Their current pit shells seem to be robust and economic to relatively low grades by Australian standards I suppose, but for a viable underground operation, 6-6.5 g/t Au would be the bare minimum given that development costs are about $20,000 per vertical meter. Most open cuts that are fortunate enough to progress underground will generally have a portal constructed in the base of the pit, followed by decline development to reach the high-grade ore at depth.
Hope that makes sense
All a matter of economics I think jono. The problem would be widening the pit. If it costs x million to widen it, then x million to dig it out, the sale of the yellow stuff might not cover the costs. If the pit wall is on a 30% angle, imagine how much extra dirt would need to be removed to get down another 150-200m. jman will have a smarter answer than that I think.Any reason why they couldn't just extend the depth of their pit? Those grades would have to make it worth going deeper - if it's possible?
The enthusiasm for PRU is gaining traction. Below is a paragraph taken from Rodman and Renshaw research out of New York.
“Raising our target price to AUD 4.00 from AUD 2.75
Our target price is based on the Perseus shares trading at 2x our estimated NAV of AUD 1.90/share. Perseus Mining owns one of the largest undeveloped gold deposits in West Africa having a total resource base of 7 MM ozs of gold. We expect the resource size to be increased to 10 MM ozs with more drilling at which point every major gold producer in Ghana will take a closer look at the company. We believe that at the current gold price, Perseus is a take-out target and the acquirer will have to pay a significant premium to the current share price”
All a matter of economics I think jono. The problem would be widening the pit. If it costs x million to widen it, then x million to dig it out, the sale of the yellow stuff might not cover the costs. If the pit wall is on a 30% angle, imagine how much extra dirt would need to be removed to get down another 150-200m. jman will have a smarter answer than that I think.
All a matter of economics I think jono. The problem would be widening the pit. If it costs x million to widen it, then x million to dig it out, the sale of the yellow stuff might not cover the costs. If the pit wall is on a 30% angle, imagine how much extra dirt would need to be removed to get down another 150-200m. jman will have a smarter answer than that I think.
You were abs right Kennas.
Just to add : mine planning and depillaring is an extensive engineering task. the current pit design and availability of suitable cut is also important. Then comes the access for trucks. Finally $$$ to make it viable. Sometimes it is worthwhile not to extend the mine pit until a sustainable cash return makes it viable on a very long term basis.
Now a days if the mine planning did not include EMRP then without another EIS and EMRP (environmental stuff) one can not expand the mine hole. God forbids if you get a spider while digging then greenies will come and you get stuffed - no approval. If it is in CHina they will even kill a human being found on the way. We will however gladly buy from them but in Australia killing a spider - you are joking. Sorry digraced out of frustration as now a days we face from so called uneconomic EMRP and EIS stuff.
The issue of dilution is far from "obvious"...... me thinks they'll get gobbled up before then.
In any event, from experience, the greater part of the Ayanfuri will be project financed i.e. debt funded and MC has already stated that Tengrela can be funded (the equity component) out of cashflow from Ayanfuri.
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