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WCC, THE WATERBERG COAL COMPANY LIMITED
veeone
post Posted: May 24 2011, 01:27 PM
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This is on the minesonline.com website and looks like they have put the company up for sale. Some of the important parts.
Project Details - Range River Gold Projects
Title:Range River Gold Projects
Project ID:Au 2568
Location:Oceania, Australia,
Date Listed:Thu 19-May-2011
Deal Type Outright Sale
Commodity Type:Gold

Range River Gold Limited (Administrators Appointed) ("Range River") is an Australian gold producer focused on underground mining and exploration at its flagship Mt Morgans Project located near Laverton, Western Australia.The area surrounding the Mt Morgans Project has significant potential exploration upside.In addition, Range River also holds notable tenements including the Indee Project in the Pilbararegion of Western Australia, and various other projects in Victoria and South Australia.Range River entered voluntary administration on 21 April 2011.

The operation was recently put on care and maintenance. This process has been designed to retain access to the underground operations to enable re-commencement of underground mining activities in the future.

INDEE PROJECT
The company signed a farm-in agreement with the North-West Mining and Geological Exploration Bureau for Nonferrous Metals (NWME) based of XiAn in China. The NWME can earn a 49% interest in the Indee Project by the expenditure of A$6m within four years. While this has not yet occurred, a substantial portion of this sum has been expended. The parties contemplated that if and when expenditure by NWME reached A$6m, a Joint Venture Operating Agreement would become operative and would confer rights and obligations upon the parties (including potential rights for NWME in respect of its acquisition of the remaining 51% interest in the Project).
Exploration has commenced with a 51 hole drilling program of 11,300m. The program is focused on two prospects within the 80km strike length of the Mallina shear zone in RNG's tenements.
The exploration field season funded by the NWME was completed in September 2010. The results are being evaluated. The exploration plan for the upcoming field season, scheduled to commence April 2011, has been designed to follow-up significant historical drill results such as 4m @ 7.77 g/t Au and 13.8m @ 3.2 g/t Au along the Withnell's trend of mineralisation.

Range River holds a 49% interest in the Ararat Joint Venture with BCD Resources where there exists an inferred resource of 0.7mt @ 2.7% Cu, 0.8 g/t Au and 9 g/t Ag. There also exists significant gold potential where historical intercepts include 4.5m @ 12% Cu and 8.1 g/t Au. BCD Resources have signed an option agreement to purchase RNG's share in the Joint Venture for $1m which expires in August 2011


 
veeone
post Posted: May 5 2011, 01:38 PM
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On 21 April 2011 as previously reported to ASX, Directors of the Company resolved to place the Company into voluntary administration. The Company appointed Stephen Longley, David McEvoy and Simon Theobald of PPB Advisory as voluntary administrators. The objective of the voluntary administration is to allow the company to pursue its planned capital raising under the moratorium provided by the voluntary administration regime, whilst also running a parallel trade sale as a secondary option.
The administrators have placed the company’s operations on care and maintenance in order to preserve cash flows while they work with the company’s existing advisors, Macquarie Capital Advisers Ltd, on the capital raising and trade sales options.
Production for the quarter of 5,242 ounces was well down on Q1 guidance of 7,000 to 10,000 ounces. Production for the quarter was predominately from the open pits at Sarah and Ramornie North, which contributed 80% of gold production. Underground production continued to increase month on month over the quarter and in March the Craic mine delivered 25% of the month’s production and 11% of the overall quarter’s production. Open Pit production ceased in April with future mining focused on the Craic and Transvaal underground mines.
Underground ore grades at 5.9 g/t for March are well up on average open pit grades experienced across the first quarter at 2.7 g/t. Improving March underground mining rates and ore delivery are encouraging and set the scene for future underground production expectation from both Craic and Transvaal mines.
Decline advance and general development meters achieved were substantial through the quarter with improvement each month. The ongoing rehabilitation and dewatering at the Transvaal underground mine continued at a satisfactory rate. This development work is resulting in increased access to stope ore.
During the quarter a A$4.5 million pre-paid gold facility was finalised through Macquarie Bank Ltd, which included providing Macquarie Bank Ltd with royalty in [i]respect of gold produced from 1 February 2011, and a Standstill Agreement was reached with the major creditors for A$ 11.1 million.
The Q1 production under-performance, closing out and demobilising from the costly open pit mining areas coupled with high underground development expenditures necessitated payment terms being negotiated with major creditors and suspension from ASX Trading at the end of March.
Unit Cost of Production

Total gold produced for the March quarter was 5,242 ounces from 62,001 tonnes @ 2.89g/t.

Unaudited unit costs of gold delivered of $1,842/oz is well short of the December forecast of $1,000/oz. This result varies from the December forecast for the following reasons:

 Continuation of open pit production beyond the forecast January completion, with actual completion in the first week of April. The open pit production was adversely impacted by operational delays in January (explosive delivery, mining fleet availability and restricted working areas) combined with heavy rains in February resulting in loss of ten mining days.

 Underground ore delivery was below target as a porphyry intrusion reduced the development ore on the develop sequence at Craic. Additional diamond drilling and a review of the resource model delayed stoping process.

Open pit production exceeded forecast production with 54,769 tonnes being produced compared to a forecast of 39,342 tonnes with head grade remaining in line with forecast at 2.63 g/t. Underground production was significantly below target at 7,231 tonnes compared to a forecast of 38,748 tonnes. This shortfall was the result of delayed commencement of ore stoping until late in the quarter. Stoping has commenced in Transvaal and the first stope in Craic was scheduled to be fired in the first week of April.

[/i]

 
Black cap
post Posted: Apr 27 2011, 11:10 AM
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In Reply To: andyw's post @ Apr 27 2011, 10:01 AM

Well - at least it's put us out of our misery. I'll write it off, hopefully learn from the mistake, and move on.

Cheers, BC

 
veeone
post Posted: Apr 27 2011, 10:02 AM
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In Reply To: jeeves's post @ Apr 27 2011, 09:29 AM

I wonder what happened to the capital raising plans thru shareholders they commented on a few announcements back??
QUOTE
options currently under consideration include a capital raising requiring the preparation of a prospectus. This work is ongoing and is not expected to be completed for a number of weeks

Bet there are some vultures that will pickup morgans and Indee will go to the chinese that have been exploring there. V1

 
andyw
post Posted: Apr 27 2011, 10:01 AM
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In Reply To: jeeves's post @ Apr 27 2011, 09:29 AM

DISAPPOINTING



--------------------
“What's the point of going out? We're just going to wind up back here anyway." - Homer Simpson
 
jeeves
post Posted: Apr 27 2011, 09:29 AM
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Voluntary Administartion. Shareholders lose out. Am glad I did not take up rights issue a few months back.

 

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jeeves
post Posted: Apr 19 2011, 11:21 AM
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In Reply To: jeeves's post @ Apr 11 2011, 04:16 PM

Last annoucement was that an update would be provided before start of trade yesterday and still nothing. Good chance there are no takers for new debt / funding. Probably just the vultures who will come in after the company is would up and buy it for 10c in the dollar.

 
jeeves
post Posted: Apr 11 2011, 04:16 PM
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In Reply To: veeone's post @ Apr 11 2011, 03:47 PM

Independent Director gone, CEO gone, SPP and rights issue for 6.5 Million in last 3-4 months and now desperately trying to find more cash, deferral on debt repayment. Just wish I could sell at any price so I can claim a tax loss this FY insead of waitng for administartion to declare no value. angry.gif

 
veeone
post Posted: Apr 11 2011, 03:47 PM
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In Reply To: djp's post @ Apr 6 2011, 12:18 PM

QUOTE
They ARE still producing aren't they?

Well if not they should have informed the market so i say they still are. Probably dropped off though and the reason on the freeze (standstill) announcement i would hazzard a guess. Watching with interest to see what they come up with next. V1


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atozed2005
post Posted: Apr 11 2011, 03:36 PM
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In Reply To: veeone's post @ Apr 11 2011, 10:42 AM

My guess it will be a while before they untangle this mess. New CEO, same expensive offices, probably the same inflated salaries, perks and bonuses. Why would a low flying small producer like this be in the heart of the Melbourne CBD apart from status? Move closer to the mine site!!


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