AXG - Antipodes Gold [formerly GEL - Glass Earth]

[elZorro]

Hi Vtrader, I wish I could have turned a more colourful phrase about GEL.. but feel sure there will be some good news before the options expire, and anyway the first quarter report is due.

Regarding fishing, it was partly a working break, but I can report that of 10 people fishing a small stretch of the Waitahanui (Taupo) the other day, I was the only one who landed a trout during an hour or so. And some of those fishing looked like permanent fixtures. I have just baked some of it, mighty fine little trout (about 2.5 lb).

I will have a look at your EWT work on the gold thread. Cheers.

OK, no charts to help me out there VT, but goldbug sentiment tells us to expect a recovery in the gold price. I have kept an eye on OGC too, without investing while it travelled aimlessly sideways. It's plumbed the depths lately, and I bought a little bit today. But as P says, why would you buy when you're not sure it's stopped dropping? I'm poor at that rule.

I'm sure OGC will be looking good by the end of the year anyway. How could they muck it up this time?

GEL: we'll need to have a good look at the quarterly report, and I have to say, surely they know what happened with the rest of the WKP31 drilling by now. Either it would have a bearing on the market, and it should be notified, or it has no bearing, so will wait for the quarterly report. 14 market days until the options expire.

[elZorro]

An interesting (if wildly mathematically inaccurate) article in the Waikato Times this morning about Newmont Waihi, and this is part of the PR towards the Correnso Mining application due soon. Here's an article about that, will wait for the stuff.co.nz item to appear on the web.

http://www.radionz.co.nz/news/region...licy-for-waihi

OK, here's the article from the Waikato Times, most of it. The text seems to be the same as I read this morning.

http://waikato100.co.nz/blog/2012/05...e-goldminer-2/

The reporter, Matt Bowen, has obviously not sent the proof to Newmont, or had anyone look at it carefully. Would any employer of long standing employ 300 workers for a turnover of $2 million a year? Matt - Newmont sells about $200mill of gold a year, over $600,000 worth per worker. This is typical of the Times, you just can't trust their figures, so how much of the rest of it is accurate?

Interesting that a footnote says Newmont is looking in the near region for mining sites that are capable of being underground mined, with a low surface footprint. That fits WKP, as long as it gets above 5Moz total in partnership, or 3Moz if Newmont owns it outright.

Correnso is quite a lot less in scope (about 650,000 oz), and that's still worth going after.

Detail on the mill repairs (March):

Mill Overhaul

Newmont Waihi Gold’s mill has produced very little gold and silver this year but the
workers out there at Baxters Road are busier than they have ever been.
The processing plant is having a major overhaul. Just some of the works include:
• stripping and overhauling the SAG and ball mill motors
• emptying, cleaning repairing and repainting the leach tanks
• removing and lining the elution column and replacing the carbon transfer vessel
• cleaning and overhauling the tailings lines and pumps
• Finite Element Study on the SAG Mill to enable us to more fully understand its future
maintenance needs
• Replacement and corrosion removal of structural members in the various buildings
• Relining SAG and Ball Mills
Much of this work involves the use of large cranes, sandblasters, painting, fabrication
and welding and extra truck traffic delivering and removing equipment. There are
approximately 60 contractors as well as suppliers working with our staff to carry out
specialist tasks including Mount Maunganui Engineering, General Engineering, Porter
Engineering, ISS, Hutchins Engineering, Bay Sandblasting, Valley Sandblasting, Coastal
Sandblasting, Pollock Cranes. AWF, TRL, Kawerau Engineering, Applied Conveyors, SGS,
Baxter Electrical, Contract Resources
Most of these extra contractors are from the local area and are familiar with our operations.
As we announced midway through last year, this maintenance shutdown is an opportunity
that has arisen due to there being a gap in the supply of ore to the mill in early 2012. The
open pit is excavating limited amounts of ore to feed the mill while development continues
in the layback to the east wall of the Martha open pit. The Favona underground operation
is also providing very little ore as it has been winding down towards completion. The Trio
underground operation is scheduled to begin supplying ore later this year.
When the mill is up and running again the machinery will be optimised and updated to see
us well into the future.

[elZorro]

It's a holiday in Canada, Victoria Day, 21st May. Some financial and exploration data due out from GEL HQ soon. Here's the background to many goldies at the moment: HUI has been dropping, but staged a pin reversal in the last few days. Newmont and Barrick Gold follow the HUI strongly, as expected.

[elZorro]

Just had a scan of permits at NZPAM (as you do) and Glass Earth has surrendered the Hindon permit in Otago recently. So from that, I'd guess the drilling at Hindon and Game Hen wasn't exciting compared to other ground they have. It wasn't entered into my hi-tech valuation chart except as an option, so just as well. But at least we know that area won't do the job. That's exploration so they say, drill the best bets, but you won't always find anything much.

Nothing else has been dropped from the permit list, and Garibaldi is a recent new find to be drilled.

[elZorro]

This autumn Mining newsletter has some stories on Talisman, Newmont, Alton Drilling and Glass Earth. Both of the GEL online presentations and the article fail to mention Game Hen or Hindon, but do mention Garibaldi, WKP, Muirs.

http://waterfordpress.co.nz/site/wat...NZ%2026-33.pdf

Late May or early June for Drybread with GRU#1, this will be welcome news.

[elZorro]

The next cornerstone investor in GEL could be..

http://www.abc.net.au/news/2012-05-2...ction=business

[percy]

The next cornerstone investor in GEL could be..

http://www.abc.net.au/news/2012-05-2...ction=business

The two seats on the board of Fairfax she wanted,were they just for her or did she want one for another person as well.?

[elZorro]

Percy, I couldn't possibly comment. It ain't over..

[percy]

Percy, I couldn't possibly comment. It ain't over..

elZorro,
You are too much the gentleman.!!!!
Your posts here are excellent.Keep up the good work.

[elZorro]

Cheers Percy.

No more news from GEL this week, so after today there are only 7 trading days left for the big investors to pick up their options at C35c. In these 7 days we should get the first quarterly report, maybe some other news around it.

One article about a small gold mine in the Coromandel shows how hard it is to make a dollar these days.

http://www.stuff.co.nz/business/indu...mine-shut-down

Looks to me like the costs to put in a second egress would stop this small tourism operation and hardrock miner. That's a shame for Stuart Rabone, who I think is a geologist with a doctorate, and he was the lead author of a very good scientific paper on the WKP area. GEL have it loaded on their website.

According to the web, Stuart has family who had been helping in this small mine, and GEL employs (or contracts) the legal document services of one of them, Thomas, who is now resident in London.

Short video inside Broken Hills Mine.

http://www.glassearthgold.com/s/Consultants.asp