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Gold/Mining/Energy : Geo2 Ltd. - Processing & Refining Gold
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To: Goanna who wrote (31)3/15/1999 11:31:00 AM
From: richard badauskas  Read Replies (1) of 52
 
Geo2 report to December '98 now out at aircommunications.net. The technology platform is now more developed and sales have started. The precious metals business in China is developing well. HuLuDao Refinery produced revenues of A$3.6M for the first full six months and is expected to produce gross of A$8.5M for the first full year. The plant upgrade to 50 tonnes per day will commence production in April and directors forecast a gross of A$20.5M for the year starting July '99.

The Lian joint venture is undergoing tests, a portable milling/crushing plant is being shipped in mid-May and an agglomeration plant will be constructed in China. Tests on two 1,500 tonne heap leaches will be conducted to test a new proprietary non-cyanide leach technology developed by Geo2. If the tests are OK Geo2 will proceed to full scale production in 2000 and I understand that the company is hopeful of being able to produce 35,000 ozs of gold in the first full year of operation.

Geo2 invested A$2.0M into the HuLuDao Refinery for a 51% interest and projected total production of A$20.5M (35,000 ozs.gold p.a.) The Lian JV (49%) will require an investment of A$1.5M for total annual production of 35,000 ozs.of gold. So a total investment of A$3.5M (US$ 2.2M)should produce 70,000 ozs. of gold. THIS IS A VERY LOW COST OPPORUNITY, granted that many consider China high risk, Geo2 is establishing its credibility and management skills in an environment that many consider inhospitable, it also allows Geo2 to capture VERY LOW COST ASSETS. A series of three other gold ventures are on the backburner pending a build up of cash and operating experience in this area. I understand that a small dividend may be paid by the HuLuDao Refinery back to Geo2 in the next half year.
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