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 Originally Posted by majorbarejet
I believe NTL backs onto this permit further to the east - as well as having the Talisman to the west at Karangahake. We have them surrounded!! 
Yep, although the nearby permits seem to have been held onto the longest. A caldera beside Waihi, interesting. It's this epithermal activity that resulted in some major gold in veins nearby. Waihi's thermal activity is mostly gone, Taupo/Rotorua is much more recent. Effectively the North Island has slowly drifted north on its plate, over the top of a rift down through the Earth's core. So now that spot shows up between Taupo and Rotorua. Driving all this activity - the heat from deep-seated fission or radioactive decay.
Glass Earth had a hold on this area (Waihi West) in early 2006. They set the JV deal up before the IPO. Newmont has dragged the chain a bit, but now they might feel the timing is getting better.
http://www.nzpam.govt.nz/cms/news_me...e-waihi-permit
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Really interesting area of the country round here geologically - and otherwise -never know what might turn up. Up towards the golden cross road all of a sudden what looked like a university campus sprang up out of nowhere. buildings all over the show. Maybe Moosie might like to further his education there and dig for gold in the weekends - he will need a permit though. 
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Originally Posted by majorbarejet
Really interesting area of the country round here geologically - and otherwise -never know what might turn up. Up towards the golden cross road all of a sudden what looked like a university campus sprang up out of nowhere. buildings all over the show. Maybe Moosie might like to further his education there and dig for gold in the weekends - he will need a permit though.
What do you mean Major?
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Member
Drops to 4 cents on the TSX....they obviously didn't like the report either!
Based on that we should be at 5 cents here. Probably a smart move Bucko getting out when you did, probably only downside from here for awhile.
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Member
If they can at least get it to break even point that's a start. It's horrid to see funds going down the tube on something we thought would turn them a profit. I'm glad the share price didn't fall too far, though there are not really any buyers out there anymore....
I do agree with the new initiatives they should be able to turn this around, though I think the Q2 loss will be even greater than Q1, lets hope the 2nd half of year can help erase that....
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The Q1 report said that losses in Q2 will/should be smaller than Q1, Flugenbear.
From Stuff.co.nz, no extra news here.
The prices they are quoting are from the TSX. It's at C5c, about the equivalent of the NZ price.
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There was every indication that Q1 would see a sensible placer profit, it's frustrating that the company didn't manage to capitalise on a fairly good gold price, with all the gear well established, the weather being mild. They'll be snowed in by now.
Here's the only photo shareholders have of GRU#3, I think, from the placer page on the website. I'm not sure what to make of it, is it on a pontoon or not? In the background are the Dunstan Ranges, source of the secondary alluvial gold they're picking up. GRU#3 is working the Hecklers area, close to Glassford Road.
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Member
What worries me a bit is the fact conditions were pretty good in Q1. A good gold price, good weather....
And yet we hear this from the CEO...'The Company faced a highly challenging quarter...'
As you say ElZ, winter is here, snow, lower gold price....if Q1 was challenging one would imagine Q2 will be a nightmare.
Nice pic of the GRU, now they just have to get it to make some money.
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