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  1. #661
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    Still no news out, but in the background the Glass Earth website has been updated in one or two places, including the permit list, which now has its own page. Kakanui is on the granted list, and it's shown in km2, it's huge. 32 + 1 permits in all, another 16 applications.

    Of great interest to me is the update on the placer page, which now has three short videos of GRU#1 in operation at Drybread.

    http://www.glassearthgold.com/s/Proj...eportID=450554

    Note that the amount of material going into the biggest GRU is anywhere between 50m3 and 100m3 per hour. That upper figure is twice what I'd been using in my calculations. I had no idea the gold was pumped up into a header tank, before being extracted in jigs. These don't seem to be anything like a riffle box. Some sort of dual plunger seems to bring the gold out of suspension, and then the concentrate flows into a series of Knudsen Bowls.

    The web tells me that these are a type of centrifugal extractor that was more common in the 1960s, but is still used by placer miners (amongst other offerings) to recover fine gold. Drybread is known to have fine gold flakes. They'll have to stop the gear every so often to extract the gold, and maybe the final process is on a vibration table.

    GRU#1 seemed to be running fine, from all the work nearby there was a pond forming, but they'll need this to conserve water and stop any runoff.

  2. #662

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    Thanks for the regular updates, elZorro.

    As a potential investor, I recently signed up at the Glass Earth website to receive email updates, but so far haven't received anything (not even a welcome email).

    I've learned more about the company by reading this thread from start to finish than I could gather anywhere else.

  3. #663
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    Welcome to Sharetrader, Citizen Erased (do we call you CE for short?). You must be a real goldbug like me if you read most of the posts, it would take a while.

    Potentially an investor CE.. well from my point of view it would be very good timing, there are a lot of interesting vibes and opportunities for GEL in the near future.

    You'd be jumping in when a lot of investor hard graft (read..losses) have occurred, but exploration companies that move into production (or are able to sell off what could be a major asset like WKP) are often multi-baggers.

    Short term of course, my interest is in the placer sites, as cash from here will mean no more dilution and private placements. ACC, as a cornerstone investor, is also patiently waiting. There is already plenty of smart money invested in this company, and the next few months will be very interesting I'd say.

  4. #664

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    You can call me whatever you like

    Yes, I'm a gold bug, but I only own physical bullion. This will be my first ever share purchase.

    I think I'm ready to dip my toes in.

  5. #665
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    CE - good plan, shouldn't be much risk from here on. We'll know more about that when the new press releases are made.

    A gold hoarder eh? You should contribute to the Gold thread on the ASX side, I'm sure Skol will have some comments for you.. I wish I'd bought gold a few years ago.

    Regarding GEL: off to the side a bit, but Geoff Loudon has received an award for his contribution to the industry, at Diggers and Dealers.

    http://www.news.com.au/national/sand...-1226446249834

    Note also that Sandfire Resources managed to get a new copper-gold mine up and running just 3 years after the initial discovery. WKP has majority partner Newmont waiting with plenty of cash reserves if need be. Average grade is the only major unknown now, surely. Everyone knows it's a big deposit.

  6. #666

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    Unfortunately I don't have time to contribute much to another forum or debate this Skol dude

    I frequent the forum at www.silverstackers.com (an Australian precious metals forum) and spend a lot of time reading all the blogs I've subscribed to.

    My top three blog recommendations if you're interested in physical precious metals:
    http://www.jsmineset.com/
    http://www.tfmetalsreport.com/
    http://fofoa.blogspot.com/ (you might need a spare week to read through the archives)

    To cut to the chase, I believe gold will re-enter the monetary system at some point in the near future (within five years).

    To protect yourself from the coming global currency crisis, you should own physical gold. It's definitely not too late to enter the market.

    Dividend-paying gold mining stocks will be a good future source of income. Jim Sinclair put it this way: they will be like the utility companies of the future.
    Last edited by Citizen Erased; 11-08-2012 at 04:18 PM.

  7. #667
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    ..im intrigued ...why would one call one Citizen Erased,,,,sounds spookey....

    ..your very welcome nonetheless....despite you being "erased"....cheers
    Last edited by troyvdh; 10-08-2012 at 07:30 PM.

  8. #668
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    Thanks for the links CE, since you read more widely than most of us about gold, it would be of great amusement and interest to me if you tangled with the legendary Skol on occasion..but up to you. Just two words, Jim Sinclair, would be a good post starter

    A friend of an old flatmate used to go to great lengths to be tramping on census night, so that he was off the electoral roll. Is that the meaning of your moniker? (This would be Troy's question..)

    I stockpiled a bit of silver a while back, not such a great short-term investment but I'm hoping for better with Glass Earth.

    The chart and the numbers tell the story, but GEL is currently at a low valuation. Punters have already had one chance to make exponential gains, but would have needed to buy shares just after the GFC. Now that the excitement of finding WKP has worn off, we're waiting to see if the placer returns will stop more of the regular dilution effects, and for grade results from several drills. A more clear notice of intention from Newmont regarding the JVs would be a big bonus. Already it looks like things are moving in a positive direction.

    Newmont would like to see 5Moz at WKP, I guess that's for underground. Maybe less gold for opencast, 3Moz was mentioned a year or two back. The fact that they're still looking fairly hard tells me there's a good chance WKP holds 5Moz or more. So the optimistic table values GEL at 4x current shareprice, if the gold in ground is worth just $20 an ounce on paper. This is a normal figure for greenfield explorers. Once it is proven, the figure goes up to about 160$ an ounce. Muirs is going to be certified late 2012, early 2013.

    Click on the table to get a larger version, almost readable..
    Last edited by elZorro; 12-08-2012 at 12:54 PM.

  9. #669

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    Quote Originally Posted by elZorro View Post
    A friend of an old flatmate used to go to great lengths to be tramping on census night, so that he was off the electoral roll. Is that the meaning of your moniker?
    Cool story, bro, but it's nothing like that. I was just trying to think of yet another forum user name and picked the title of a song by one of my favourite bands.

    I haven't bought any shares yet. There are three things that concern me:
    1. The lack of regular updates from the company (nothing since June 28).
    2. The stock is very illiquid, with little market depth.
    3. I'm not convinced that mining shares will outperform the price of physical bullion in the long term as there are so many other factors at play.

  10. #670
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    Hi CE, so it's Muse, the rock band? Found a video of your song..very cool. No I'd never heard of them, don't get out much...

    Muse: Citizen Erased

    Fair enough..valid points about Glass Earth. I have emailed Simon Henderson recently with some questions about progress. No reply as yet, which is unusual.

    Points 1 and 2 are linked.

    3: Companies that move from exploring to mining gold very commonly have big shareprice ramps. Unfortunately, many explorers never make it, or take a long time getting there. So it comes down to how likely GEL is to make this step, and how far off are they?

    I think they're in with a good chance, as they have a lot of permit area, some big players on board for such a small company, and JVs with the second biggest gold miner in the world. If they map out a big deposit, funding to mine it won't be a problem, or their interest will be purchased from them.

    L&M Mining's Earnscleugh is progressing apparently, one big GRU doing over 100oz a week. 30 staff on the job. One of the photos in the article on NZResources is of the manager Mark Coleman, he was the owner of GEL's GRU#1 and leased it back for a year or so.

    Earnscleugh lifts production after service work

    Ross Louthean — 15 August 2012
    Production of gold at the alluvial mining operation at Earnscleugh in Otago lifted significantly in July after some performance issues and a maintenance shutdown a month earlier.
    The operation owned by private company L&M Group lifted production in July to 577 ounces, after low production, maintenance and recovery issues the previous two months.
    L&M Group’s chairman Geoff Loudon said what is helping improve the performance has been the skills now being shown by the local trainees and he believes the project – which had its opposition from locals concerned about noise and their perceptions about mining – is now welcomed in the region.
    Project manager Mark Coleman told NZResources.com that the operation now has grown from having one person on site to a staff of 32 and several machines and sub-contractors on site.
    “The local community’s fears have been allayed because we have kept a low profile and have made an effort to employ local people and use local contractors and suppliers thus making a large financial contribution to the local economy,” Coleman said.
    Experienced staff have helped train inexperienced local workers who were now among the operation’s best operators.
    “This has helped us immensely also as it is very difficult to find people with mining industry experience in the Central Otago region,” he said.
    Coleman admitted that L&M has had a fair share of production issues as the operation ramped-up. When the No 8 plant was assembled and commissioned there was a steep but good learning curve for all staff in coming to grips with the new systems installed on the plant.
    Several months ago Geoff Loudon told this writer that the back-up from technical suppliers had been disappointing.
    However, Coleman said the technical support was improving with key suppliers bringing extra staff into the area to meet requirements.
    “Other suppliers are moving up with us as they gain more understanding of the nature of our business. There have been no significant projects in this area for some time and services like freight deliveries are very limited,” he added.
    The strength of improved community understanding was reflected in the open day called by the mining operation with the latest event helped by the fact it did not have the inclement weather of the 2011 open day, yet it still attracted 300.
    The March open day this year, in fine weather, attracted 1,000.
    This, Mark Coleman said, was also a great opportunity for people to gain a good understanding of the project.
    Last edited by elZorro; 15-08-2012 at 09:26 AM.

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