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EGS, EASTERN GOLDFIELDS LIMITED
alonso
post Posted: Aug 6 2017, 07:58 AM
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In Reply To: blacksheep's post @ Aug 4 2017, 10:34 PM

Like triage I am one of the bottom drawer heritage holders here. In my case I followed the Michael Kiernan dream for too long.

I will say though, in mathematical terms, these are now infinitely more valuable than they were a few years ago, which was zero.
Whether like David Copperfield, Fotios turns out to be the hero of this story remains to be seen.



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"The optimist proclaims that we live in the best of all possible worlds. The pessimist fears this is true"

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blacksheep
post Posted: Aug 4 2017, 10:34 PM
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In Reply To: blacksheep's post @ Aug 4 2017, 11:21 AM


According to this article.below, contractors to EGS are planning to protest outside the Diggers & Drillers venue during Michael Fotios presentation on Tuesday.

GR Engineering claims EGS owes them $9.9 mil and the pair will be taking the fight to the Supreme Court

-> https://www.businessnews.com.au/article/Pro...elds-at-Diggers





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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 4 2017, 11:21 AM
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In Reply To: blacksheep's post @ Jul 25 2017, 12:30 PM

In a Trading Halt this morning until Tues 8 August 2017

QUOTE
Reason for trading halt – The trading halt is requested pending the release of an update on
exploration drilling results and Company operations.


Good news and perhaps some bad? Perhaps the "company operations" references has to do with the GES refurbishment contract legal issues?

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 25 2017, 12:30 PM
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In Reply To: blacksheep's post @ Jul 14 2017, 11:56 AM

FIRST GOLD POUR COMPLETED AT DAVYHURST MILL
EASTERN GOLDFIELDS BECOMES AUSTRALIA’S NEWEST GOLD PRODUCER

QUOTE
HIGHLIGHTS
 First gold poured from gravity circuit at Davyhurst Mill
 Leach and CIP circuits filled, slurry density optimised
 Gravity and CIP circuit gold pour expected Thursday

Eastern Goldfields Limited (ASX:EGS) (“Eastern Goldfields” or “the Company”) is pleased
to announce that the first gold pour has been completed at the recently commissioned
Davyhurst Mill, which is located within the Davyhurst Mining Hub, approximately 120
kilometres North West of Kalgoorlie.

This represents a significant milestone for the Company as it is the first on site gold
production at Davyhurst since 2008 and highlights the achievements of all involved in
making Eastern Goldfields, Australia’s newest gold producer. The CIP circuit will now
have cyanide added to it as well as the loading of carbon. The leach circuit will also have
cyanide added to it and heating has commenced of the CIP elution circuit. The first gold
pour from the CIP circuit is expected to occur this Thursday
.


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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 14 2017, 11:56 AM
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In Reply To: blacksheep's post @ Jun 30 2017, 01:32 PM

Market appears to like today's ann - up 48.78% from its previous low of 20.5c - first gold pour expected 19 July 2017

DAVYHURST MILL PROCESSING COMMENCED

QUOTE
HIGHLIGHTS
 Commissioning of the 1.2Mtpa Davyhurst Mill complete
 Continuous ore processing has commenced
 First gold pour scheduled for Wednesday 19 July 2017
 Approximately 71Kt mill feed on Davyhurst ROM
 Approximately 40Kt mill feed on Siberia ROM
 Development of the Golden Eagle underground mine decline has
commenced

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jun 30 2017, 01:32 PM
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In Reply To: blacksheep's post @ Jun 27 2017, 08:28 PM



Reviving a historic Western Australian gold mine
June 30, 2017 Features, News Ben Creagh

https://www.australianmining.com.au/news/re...lian-gold-mine/

QUOTE
Eastern Goldfields anticipates that the September quarter will be the first full three-month period of production at the site.

During the commission phase, Eastern Goldfields will focus on low and medium-grade stockpiles at the site, Fotios explained.

“We will run the mill up to its rated capacity on that stuff…maybe see how fast it can go as part of the commissioning process,” Fotios said.

“We have budgeted the mill at 1.2Mtpa, but we plan to run it at 800,000tpa through until December this year.”





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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

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blacksheep
post Posted: Jun 27 2017, 08:28 PM
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In Reply To: triage's post @ Jun 27 2017, 06:28 PM

Thanks for the background info on Kiernan/Davyhurst. I wasn't aware of that, but have come across him in another couple of ventures - Consolidated Minerals to name but one.

Not an EGS holder but have it on my watchlist to see if Potios can actually walk the talk.



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
triage
post Posted: Jun 27 2017, 06:28 PM
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In Reply To: blacksheep's post @ Jun 27 2017, 03:53 PM

tar blacksheep.

It seems that Michael Fotios is a gun operator but a couple of concerns I have with EGS are:

1) when Michael Kiernan bought the Davyhurst operation using what was then called Monarch Mining he also was a big talker with some impressive runs on the board (I once sat next to the legendary finance journalist Trevor Sykes at a gold conference and he was most effusive about the capabilities of Mr Kiernan). Kiernan was going to use the Davyhurst operation as a base to form a powerful agressive mid-tier company. I remember seeing a presentation he gave where he showed that at the time there were lots of tiddlers and only a couple of majors in the Australian gold scene but not much inbetween and he argued that insitututional investors would flock to any stock that filled that void. As it happened Kiernan and his crew crashed and burnt Monarch (which then morphed into Swan Gold and was then bought and put into Eastern Goldfields by Michael Fotios) and Jake Klein and Evolution Mining (EVN) filled that niche. I see Michael Fotios is expressing similar ambitions using the Davyhurst operation.

Sure there are some who may have thought that Mr Kiernan was a big mouthed braggart and maybe Mr Fotios is a totally different beast but all these blokes are only as good as their next venture.

2) I cannot see that at current prices EGS is even close to being fair value. I am not sure how much debt or cash EGS is carrying but it is yet to produce an ounce of gold from Davyhurst and it has a market price of around $190m. In comparison Ramelius (RMS) is in steadystate at its Mt Magnet project churning out free cash each quarter and with a market value of about $250m and an enterprise value of about $150m. Keirnan and Monarch got burnt trying to get Davyhurst back up and running and in my experience the riskiest time for a gold junior is moving from development to production, which EGS is about to launch into. I have a few legacy EGS shares sitting in a drawer somewhere so I would love it if Mr Fotios were to be successful ehre but there's many a slip between the cup and the lip.



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"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

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blacksheep
post Posted: Jun 27 2017, 03:53 PM
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From The West............

Eastern Goldfields is Fotios’ top focus
Stuart McKinnon
Monday, 26 June 2017 1:08PM

QUOTE
Veteran Perth dealmaker Michael Fotios is looking forward to getting back to his true passion — exploration.
And the geologist by trade believes his latest vehicle, Eastern Goldfields, will give him all the scope he needs to do just that.

Mr Fotios is lauded in WA mining circles for investing $758,000 in Northern Star at 1.2¢ a share in 2009 (the stock closed yesterday at $4.74) and more recently for securing a 50 per cent stake in the mothballed Mt Cattlin spodumene project near Ravensthorpe through unknown tiddler General Mining and then selling it back to Galaxy Resources in a $262 million deal.

With Eastern Goldfields, he has a five to 10-year outlook and wants to build a mid-tier gold producer from the ground up.

Eastern Goldfields recapitalised the listed shell of Michael Kiernan’s Swan Gold Mining last year, securing the Davyhurst and Mt Ida gold assets north of Kalgoorlie-Boulder. It is from these assets that Mr Fotios hopes to launch his grander ambitions.

First gold from the refurbished 1.2mtpa Davyhurst mill is just days away. The mill will initially be fed by ore from the Siberia project 30km to the east as well as low-grade historical stockpiles at Davyhurst.

Eventually the mill will be fed by ore from other pits in the company’s portfolio, including Lady Ida, Mulline and Riverina.

Mr Fotios wants to build Davyhurst into a mining centre producing between 150,000ozpa and 200,000ozpa.

He is also eyeing plans for another mill to the north producing 100,000ozpa, using ore from the Mt Ida and Menzies projects, the latter of which is a joint venture project with Intermin Resources. Mr Fotios is planning to use free cashflow from Davyhurst to fund a $20 million a year exploration program and pay early dividends to shareholders.

“I’m not scared of putting money into exploration and drilling holes and finding something — that’s what I love doing,” he said. “So what you’re going to see Eastern Goldfields do is take on big picture exploration plays where we think we can find 3-5moz and build new production centres, using surplus cashflow from Davyhurst.”
Mr Fotios said the company was eyeing potential projects in WA and Queensland.

“I got out of my Northern Star holding some years ago and put a lot of money into Eastern Goldfields — this is my cornerstone gold asset,” he said.

Mr Fotios forecast gold to trade between $US1200 and $US1400 an ounce, but predicted a falling Australian dollar would deliver an Aussie-dollar gold price of $1600 to $2000, which he said was a profitable window for gold companies to operate in. Eastern Goldfields shares closed steady yesterday at 35¢.


https://thewest.com.au/business/gold/easter...s-ng-b88515278z

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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