JRV 3.03% 17.0¢ jervois mining limited

re; bullabulling

  1. 388 Posts.
    Herc,

    What you referred to in your discourse regarding the running of JRV and your highlighting of the gold operation resulting in a Director of our Company being distressed that insinuations were being made that "gold was being stolen"

    I am not a mining engineer,geologist,plant operator etc.etc. but I am going to extrapolate a few figures (ANNOUNCED and PUBLISHED figures) from JRVs' quarterly and annual returns

    For the financial year ending 2008 the figures published re. the Bullabulling operation were as follows

    Expenditure..........$4,126,024 (@ 50weeks=$82,520 per week)
    Income...............$2,045,218
    Loss.................$2,080,806

    If you set out weekly expenditure as say.....

    A/ 5 staff at $2000 each per week............$10,000
    B/ Plant costs(including diesel,upkeep etc)..$ 3,000
    C/ Acid, delivery pumps etc..................$ 2,000
    D/ Management,secretarial,air fares etc......$ 1,000
    E/ Sundry,(Murphys law,increased diesel etc.)$ 4,000
    TOTAL $20,000

    Now if we return to the DISCLOSED costs published by Jervois
    of$82,520 per week and subtract the feasible costs that have plenty of "fat" included of $20,000 this leaves an strange overrun of $62,520 per week, multiply this by 50 weeks and a sum of $3,126,000 has inexplicably disappeared into the "ether"

    More importantly, it would indicate that over many years, to put it politely, millions of dollars of "expenditure" cannot be justified, if it is a matter of "income" being unaccounted for that is a completely different kettle of fish

    I don't even want to venture down the year ending 2006.....
    Expenditure..........$2,051,333
    Income...............$0,456,953 ????????
    Loss.................$1,585,398

    You're absolutely right, a NEW BOARD is required to assess the Company and move it forward for the shareholders, instead of just a few family members and fellow travellers, and this is why I will support the calling of an EGM


 
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