Re: Melissa I owe you a drink of choice - trsrpt
in response to
by
posted on
Jul 01, 2011 10:45PM
ok this is long but Daniel Major makes lots of big promises in this Q&A & there needs to be a record somewheres so we can all look back & see if he keeps his word or not.
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Melissas Question:
Mr Major, let me first congratulate you on being nominated for the 2011 E. J. Smith award named in honour of Captain Edward John Smith who steered the RMS Titanic into an iceberg and sunk her on her maiden voyage. You, sir, have taken Century Mining Corporation and steered it into an iceberg known as White Tiger Gold, sinking the share price over 60 percent in three months. This is not an easy feat to accomplish with gold at $1,500 per ounce. And I daresay it requires a unique combination of arrogance and incompetence. Now this new report from Micon, basically what I’m getting from you is that its inaccurate and incomplete. You know its inaccurate. You know its incomplete, and you’re going to submit this to the TSX so you can ram thru this merge with White Tiger. And in six months...what’s going to happen in six months? There is going to be the business combination vote. And suddenly, miraculously, all of these resources and reserves that disappeared today – are going to magically reappear sometime around November. Now my question is last year, CEO Margaret Kent stated that the grades at Lamaque were coming out as anticipated at 4 grams per ton – and she was mining the Flats – and the developmental muck was around 2 grams per ton. Your new report out of Micon is also averaging the grades in Lamaque at 4-5 grams per ton. But in the last 3 quarters since Margaret Kent left, all you have been able to produce out of Lamaque is 2- 2.5 grams per ton. Are you still deliberately processing the developmental muck and stockpiling the higher grade ore while waiting for the verdict on the White Tiger business combination? Or is this N43-101 report just BOGUS – and there is NO 4 grams per ton at Lamaque because you just can’t seem to mine it? Which is it? Are you stockpiling the ore? Or is there no ore? Either way, I think there is Massive Fraud going on here. Someone two conference calls ago called you Terrorists, and that certainly isn’t far from the truth. I would like nothing better than to see you all slapped with a Shareholder Lawsuit for share price manipulation and conspiracy to defraud. And my only comfort is that your 3 million options at 48 cents are so far underwater they are probably not going to see the light of day. And let me remind you, that this conference call is being recorded. Thank you!
.............................................................. Daniel Major responds: OK. Let me deal with the two issues you’ve raised there.The first one regarding the reserves. I’ve made it very clear, all the way thru this conference call repeatedly, this is very much an interim process, that areas have been left out, and NOT because we wanted to. But because the extent of work we needed to do in this process took longer than the time they would allow us to complete. In addition I would make a point, is that at the point that we realized we could not find the data to cover the polygons to depth, my lawyers advised me I already had a material change. And that was despite considerable effort searching for that data, contacting everybody that we knew who could have that data, to find it.The impact was that I already had a material change. And the lawyers advised me accordingly, I HAD to report at that point. The other areas, as a result regarding particularily the Cross-Over Zone , particularily below 2000-2600 feet we were not able and would not be able to complete in the time frame that would have been required by the lawyers that I would have to report. So we took a view on that. And I have said repeatedly on this call, that we expect those ounces to come back into the system. And we’re saying to investors – they have not gone. We will go back and rework those areas and bring those back. This is an interim because I corporately cannot do anything. I cannot even go out and market the support for this company because I have got a material change and therefore we will go on and do the work. This should be seen by shareholders as simply an interim process that I have got to go , so the corporate company can carry on doing things. OK? We have clearly stated where areas are that we have left out- they’ve not gone anywhere – those ounces are still out there to be brought back and reworked.I’m not covering them up. They are all there! Regarding the mining grades. We presented yesterday at our AGM very clearly that at the beginning of 2010, the grades were higher, but the volumes were so small, that the amounts...were very much incredibly small volumes.As volumes have picked up, our grades have comedown for a number of reasons: One, we have an incredible amount of constrained areas.We only have two major stopes. Why are we constrained? Because there were delays in getting our water permits. The Berdard Dyke did not perform as expected from a grades point of view or tonnage point of view.Therefore, we didn’t have the volumes at the higher gradesthat were expected coming out of that area.We’ve been constrained solely into the Lamaque Flats as our only mining source. I have put all the effort that I have done since joining this company to get that North Wall open.I continue to find ways underground of trying get our grades. But when you only have two stopes to work from, its pretty difficult to get above the 2 grams per ton. You know, we mill everything that we can to fill that plant. So no, we haven’t got high grades stockpiled lying around. And two, I’ve made it very clear this reserve statement is interim, and should be simply seen as a process that I have got to go thru so that I can come back at the end of the year having had time to do the full report.And I ask the shareholders to give me the time and my engineers more importantly the time to do it.They have worked very hard, and have actually struggled to do both operations and the N43-101 . They have done a commendable job in the time frame that they have been allowed. So hopefully that answers your question. Next question please.