Jim has provided me with this information on UC Resources prior to the Q&A. Hopefully this information will provide you with answers to some of your immediate questions.
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The [La Yesca] mill was actually running on a test basis in November-December as it was 100% completed.Yes ahead of schedule!
The issues observed were that the recovery was lower than expected and the grade was less that expected, so we shut the mill down to find out Why?
After a lot of working backwards it has been discovered that the grind was not fine enough and the grade is lower than both the 43-101 suggests as well as our own sampling - testing.
We then commissioned multiple variations of the recovery process until our in house testing gave us the results we needed to be profitable.This is not an overnight process!!
As for recovery and design confirmation we have hired MAG Laboratories of Tucson AZ to replicate our in house testing. I want the recovery and method confirmed by a recognized laboratory prior to making another step, as wrong steps are costly. This does not happen over night either!!
Once the testing from MAG Laboratories is complete we will have a road map to both recovery and process.
We do not yet know what modification or additional costs will be required to the mill as the process is not confirmed yet, but I do expect it shortly.No, I can not define an exact date.
I will not run the mill at a loss and work on the recoveries. I will however operate the mill at a profit and work on recoveries.
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Finally, Jim makes it very clear that nothing nefarious is going on. Furthermore, he is looking forward to the Q&A during which time he is looking to provide as much transparency as is possible while answering your questions.
Make your questions clear, constructive, and to the point.
Snug
