PROGRESS UPDATE
Dear Shareholders:
We
wanted to update you on the progress made thus far in the final phase of the
recovery field. The contractors have completed the earthwork for the
expansion, we have already received the impermeable membrane at the mine site
with all of the necessary piping, and we have commenced with laying and welding
the membrane in place as seen in the first photo below.
The
second picture below shows earth-moving equipment on the recovery field making
some improvements to an under-the-pile culvert. Our contractors feel that
the new concrete culvert will be more secure and better serve us in moving
water from springs in the mine through the recovery field to the river below.
At the
present time management has made arrangements for a second crusher to crush the
gravel for the base of the recovery field so we will not have to discontinue
crushing ore for placement on the pile. While we are working on the
expansion we continue to load the pile on the other end to provide some
continuity to the leaching process, which is illustrated in the third picture.
All of
these activities have been time and resource-intensive, but we are gratified
that progress has been made quicker than was originally scheduled and we look
forward to getting back to full production.
In light
of all the progress we continue to make, many shareholders have inquired as to
our ultimate exit. We continue to meet with prospective joint venture partners,
purchasers, and investment bankers as we examine all alternatives available
designed to bring us closer to a liquidity event once our expansion plans reach
completion. When we have anything concrete regarding these other
potentialities, we will inform all of our shareholders.
Sincerely,
CLAVO RICO MANAGEMENT