Commercial Production

Commercial Production. Means the last day of a consecutive two-month period during which payable or accountable gold production from the Tonkin Springs Property totals at least 3,000 ounces of gold per month, provided that such production is part of an approved program of at least one year in duration which contemplates an estimated budgeted production rate of at least 40,000 ounces of gold per annum.

Commercial Production. Means the mining, extraction, processing and recovery for sale of Minerals from the Property, excluding the taking of Minerals from the Property for the purpose of bulk sampling or determining the amenability of the Minerals to beneficiation processes or mining;

Commercial Production. Means, with respect to the Property and is deemed to have been achieved, when the concentrator processing ores from the Property for other than testing purposes has operated for 30 days in any 40 consecutive day period at not less than 50% of design capacity or, in the event a concentrator is not erected on the Property, when ores from the Property have been produced for a period of 40 consecutive production days at not less than 50% of the mining rate specified in a feasibility study... recommending placing the Property into production for commercial purposes. View More

Commercial Production. The commercial-scale operation of any part of the Property as a Mine by, or on behalf of, the Purchaser, but does not include processing of ore carried out in a pilot plant or processing ore for other testing purposes. Commercial Production shall be deemed to have commenced on the day immediately following the first 90 consecutive days during which Minerals have been produced by, or on behalf of, the Purchaser and processed at an average daily rate of not less than 75% of the rated capacity of... the production and processing facilities which is forecast by the bankable feasibility study upon which the decision to proceed to Commercial Production decision was taken View More