TGM – THETA GOLD MINES AFRICAN GOLD ADVENTURE

ASX Listed TGM Theta Gold Mines, say, they have completed an internal engineering study to maximise the use of the existing permitted plant footprint. The Company outlines its intention to become a 100,000 ounce per annum Gold producer. No question the Board of Theta has experience in overseas jurisdictions, but operating in South Africa, the Board will have to use all their skills as never before. Although S.Africa is rich in minerals, the current wave of unrest is causing shockwaves through the mining industry. That of course does not take away the rewards that can be made from someone going into a region where angels fear to tread. Often the brave are rewarded.

The highlights of the Theta study, include a 500,000 tpa open cut operation with Oxide ores being treated through a CIL (Carbon in Leach cyanide process). Phase 2: Expand open cut to 1,000,000 tpa mining. Phase 3: Move to underground mining.

There is no mention as to whether the ore status changes from oxide ore into sulphides ore in the underground operations that may make the CIL process plant redundant and require floatation circuit added in lieu of the CIL. The Company claims to have 6m ounces of Gold but doesn’t state whether it is a 2012 JORC Compliant resource.

The Board certainly have the credentials to make it happen, but can understandably they cannot control events in South Africa that may be out of their control. Many of the great mining companies have departed South Africa, due to the political and corrupt upheaval and massive unemployment, work force unrest and strikes, which has continued over the past and indeed have accelerated over the past 2 years. This does not make it impossible to deal in South Africa or indeed any African Company, which are mostly in turmoil. Its just that little more difficult. There is no question that the company has the goods, just need to be a little more informative in their releases.

Goldman

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