Re: Next 2 months should see the launch of this company!
in response to
by
posted on
Mar 11, 2010 08:39PM
From the stockigloo site, they are hitting gold at the Bedard Dyke between 350 ft (100Meters) and 915ft (300meters)
Objectives of the last 8 holes (Jan 18th NR):
``The follow up program in the first quarter of 2010 will be oriented to drill the dyke down its dip and along strike. Five of the holes will be drilled with lengths varying from 500 to 1000 feet and dips from -45 to -80 degrees. This will allow the dyke to be tested along a vertical extent ranging from 350 to 915 feet below topographic surface. Once the drilling has been completed and all assays returned, the Bedard Dyke will be remodeled utilizing Vulcan software to determine additional measured and indicated resources and proven and probable reserves that are hosted within the dyke.``
Now, we are drilling along stike and down it's dip. This should produce very good intercept lengths and the grades should be good with the visible gold in every hole. So, we should have some news making assays next week, maybe eye popping assays. This should get the market's attention.
One very interesting for me from the PDAC is that Eagle's Nest for Noront was equivalent to 6 million ounces of gold...and that is what CMM has in reserves and resources. So we have about 7 Billion dollars of minerals (gold) that we are mining right now, not in 2015 like Noront, yet we sit at a MC of $140 million dollars. So we are trading at 2% of reserves and resources not including the SJ reserves or any of our other land packages. We are already cash flow positive from SJ. Lamaque should be cash flow positive within 9 months. Once we are out of the woods and have our share price up and positive cash flow, then we will be in a position to start looking at our other properties. However, right now, we need to establish cashflow and positive earnings. I think we are doing the right things to get there.
Glorieux