Does the RECYCLED news release give up hope fo ra speedy re-opening?
Not to mention the recent rise in the POG. Let's say that we shut down in May of 2001, when the POG was an average of US$245. Today it jumped over $4.00 to about $316. Must be getting close to decision time?
NOTE: The year is 2001.
Winzer
Glimmer Resources Inc
GME
Shares issued 6,028,962
May 23 2001 close $.250
Wednesday May 30 2001
News Release
Mr. Richard McCloskey reports
Financial results for the first quarter ended March 31, 2001, compared with
March 31, 2000, were as follows:
Revenues were $1,840,879 compared with $2,571,424.
Net loss was $823,123 compared with a loss of $230,549.
Loss per share was 13 cents compared with a loss of four cents.
The first quarter continued to be a difficult one for the gold mining industry
generally, as gold prices remained at 20-year lows. As previously reported, the
Glimmer mine temporarily suspended operations on May 10, subsequent to the
end of the first quarter, in light of continuing low gold prices.
Management of Glimmer, together with Exall Resources Limited, its joint venture
partner and the operator of the Glimmer mine, continues to work diligently to
restore production as soon as possible.
"We must resolve the financial situation to fund development drilling in order to
define reserves that have been previously indicated at depth. Defining targets for
future planning and production is our main objective," said Glimmer president
Richard (Bo) McCloskey. Roscoe Postle Associates Inc., an independent
geological and mining consultant, audited the ore reserve calculations of the
operator at the end of Feburary of this year. The Roscoe Postle study concluded
that the minable reserve to a vertical depth of 200 metres is 777,982 tonnes of ore
grading 8.92 grams per tonne for a contained total of approximately 217,000
ounces of gold.
Mr. McCloskey noted that the Glimmer mine, which has produced in excess of
200,000 ounces since commissioning in 1997, has shown remarkable resilience
during its four years of operation in a difficult market. During the first quarter of
this year, the mine produced 63,028 tonnes of ore grading 6.14 grams gold per
tonne compared with 69,473 tonnes grading 7.14 grams per tonne in the
comparable period of 2000. The mine produced 8,957 ounces of gold in the latest
quarter compared with 12,717 ounces in the comparable period a year earlier.
Production was adversely affected by lower-than-anticipated grades encountered,
as well as a longer shutdown and start-up period in January.
(c) Copyright 2002 Canjex Publishing Ltd. canada-stockwatch.com |
