There is no certainty about Barry at this time. They 'believe' it has far more gold than originally thought. In various interviews Ghislain Morin and others have stated that Murgor believed that it was a 'flat' deposit. MTO executives now strongly believe that it is not, instead dipping down at 60 degrees thereby potentially increasing the size of the deposit siginificantly. MTO is currently doing additional drilling to prove up this type of structure and significantly higher oz in the ground. However, none of this is proven yet.

As far as the value of other deposits is concerned, there is a strong belief that the Bachelor mine will prove up significant extra resources below the current level, but, again, this has not yet been proven. They intend to use the profits made from the near term Barry resources to fund additional drilling at the Bachelor Mine.

The other strategy is to attempt to buy up various proven resources located in the vicinity of the Bachelor Mill. It seems there are several smallish (under 300,000 oz) proven deposits owned by various companies in the area. Since they essentially have no way of economically mining these deposits, the theory is that they would be glad to sell these deposits to MTO at a reasonable price.

One thing that puzzles me a little is the statements concerning the value of the Bachelor mill complex. Last year we heard MTO executives stating that it has a replacement value of about $60 million. Now we hear talk of it being worth up to $140 million. Did I miss some news about this in the past few months? Or is this just people getting a bit carried away with their promotional talk?

I think a lot of the real valuation of this company now depends on the findings of the drill program at the Barry site. If they really can prove up 2-3 million oz the value of the company of course increases significantly with appropriate increase in share value. If they cannot, and the other strategies of the company work out, there will still be an increase in value, but certainly a lot lower and slower.