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Gold/Mining/Energy : Century Mining Corporation

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To: prometheus1976 who wrote (543)	12/22/2011 2:20:19 PM
From: hubris33	of 545

Yousa! Sorry about that! Hope you had some nice gains to offset the "tuition fee"! <g> I think the jury is still out on the Lamaque Mine in Quebec. I am not convinced that the project is economical in the long run. Learned something the other day - and that is: just because a company reports millions of ounces, doesn't mean that those ounces can be extracted profitably. Guys who know the business understand that - retail only looks at the number of ounces with stars in their eyes. Problem with Lamaque right now is that the old mine was mined with old techniques: jacklegs and slushers. No way that technique is going to be profitable with narrow vein mining. So even after the lower parts of the mine get dewatered, and the utilities restored, they then need to widen all of the ramps and drifts to fit jumbos and muckers (LHD). Oh, and of course, they need a working shat to lift ore out of the ground rather than driving it out. Oh and I suspect they will need secondary egress too. So there is a bUNCH of "develoment" work needed to get that old mine in operation. Development work = big bucks tossed into the hole in the ground. What concerns me is that no one has made a play for the asset. Aurizon, did near exactly the same thing - rehab'ed an old mine, not too far away. The King of Quebec Mining - Agnico Eagle is just down the road and they didn't touch a 5 MM ounce potential? And of course guys like Stan Bharti and Rob McEwen would always love a turn around project. But none of these guys showed up - so one has to wonder if there are inherent flaws that kept them away? So sure there has been [and continues to be?] bad management at CMM/WTG - but I also am wondering about the geology, engineering and economics of that Quebec Mine. All fwiw!

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