Hi Martin:
As noted earlier, indeed Greystar has been drilling at Angostura for many ears. In fact, it has employed up to 9 drills for years. To bring a large deposit up to "proven" category does take time, especially when it is 15.0 million ounces of proven gold. Then too, there is nothing wrong with having a single deposit, so long as it is large and mineable, but Greystar may have more than one deposit. Check the company web site. It has been drilling in other locations and getting decent results.
As to when it will be in production, the feasibility study suggests 2012, when the company expects to produce 200,0000 ounces (primarily oxides)... in year one of a projected 15 year mine life. Sure there could be delays but this company is tenacious so I think it will get there.
I would add one other thought. If you look at GSL's chart, you will note that it has provided some excellent rides in the past. The last ride for me was from under a buck to over $10 (peaked at $12.) I never expected to get another like it but markets do crazy things. (g)
I don't blame you for wanting to invest in producers. In fact, this has been a sensible trade ever since gold revived. That said, as we both know, you can also get excellent rides from juniors, both when they have drilling success (like Ventana) and when they approach production.
Best,
Earlie |
