PDAC NEWS
posted on
Mar 02, 2008 05:48PM
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This Sunday afternoon, I spent a couple of hours with Dave Webb at the PDAC. Here are a few of the things that I learned:
1. Tyhee will entirely skip a Pre-Feasibility Study and immediately start progressing towards the quick completion of a FEASIBILITY STUDY if Tyhee gets a positive PA (Preliminary Assessment) that Dave is hopeful will happen by this June.
2. The 2007 exploration budget was about $6 mln, of which about one million was used to finance the Nick Lake re-sampling work. So, Dave suspects that we should maybe see about another 300,000 ounces from both Nick Lake and Ormsby that will be added to the resource estimate. Do the arithmetic, and that's about 1.8 mln ounces total by June.
3. Everyday, the 3 Big Sky drills are producing a core of about 150 meters in length.
4. The historic 600,000 ounces on Clan Lake will not be converted to NI 43-101 compliant ounces this year.
5. Dave believes that the "Minefinders-like" share price profile of a rapid decline in share prices following the company's declaration of going it alone into production will NOT be experienced by Tyhee. Dave thinks that Tyhee's exploration of Big Sky and other properties while progressing towards production at the YGP will prove to continue adding value to share price while it's developing a mine.
6. Dave estimates that Tyhee insiders own about 5% of Tyhee shares. Sprott about 8% and Jim Puplava owns more than we see on the SEC filings...Since JP's family, like that of Dr. Webb's own a substantial amount of TDC shares.
7. Regarding this last weeks' significant increase in Tyhee's shares traded and increased share price, Dave is convinced that it's the result of the most warrants having been exercised.
8. Dave thinks that Tyhee's PA will bring Tyhee's Market Cap up to the level of its peers. That'd be at a valuation of 80 cents to 90 cents per ounce of gold in the ground. You may remember that Tyhee currently is valued at about 50cents per ounce of their gold in the ground.
9. Big Sky's "area 51" geology looks to Webb as being identical to that of Giant Mine's geology. (Remember Giant Mine produced one half an ounce per tonne with 8 mln ounces of production).
10. Now, Dave is determined to NOT be bought out by a "BIG BOY". But, if there'd be a hostile takeover attempt, we the share holder would get to decide Tyhee's fate.
Tomorrow morning, Monday, I'm headed back to the Tyhee booth to meet with Dave and the Agoracom folks at 11am.
Cheers,
Baires