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Gold/Mining/Energy : Madison Enterprise, MNP/VSE
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To: Elizabeth Andrews who wrote (261)4/27/2001 9:50:44 AM
From: russwinter  Read Replies (1) of 285
 
Kind of a glass half full or half empty?

Continuity? Here are just some examples and these are right at surface, no waste at all. Keep in mind recovery is 90-95% here:
M-105: 27m of 3.29
M-106: 36m of 3.35g
M-107 36m of 2.36
M-108 39m of 4.2
M-110 90m of 6.35
M-116 78m of 3.31
M-118 51m of 4.01g
M-119 93m of 2.88g
and goes with several more of same

Or how about M-5? We have to "bother" with 9 meters of 2g at surface and then a "big dig" all the way down to 27-59m to find a 32 m interval of 311g.

Or M-17: 10 m of 23g right at surface should easily pay for a dig down to a 101m interval of 8.3g between 52-153.

Mt. Kare is full of these examples. I really don't believe it going to take a rocket scientist to develop a plan of attack here and there is a lot more still to be located. Terrain is hilly with narrow ravines but is not a steep mountain like Grasburg. Even the 2-3 gram "low grades" you mention is exploitable at current prices, and there is plenty of high grade to keep at initially for a large return. A processing plant isn't even necessary at this point as PDG's Porgera is just a few clicks away. Porgera is exhausting it's high grade and just depleted their Stage 3 pit. If PDG is to keep their 17,000 tpd plant going profitably they have to be looking at Mt. Kare. In fact they will be on site in three weeks.

Mt. Kare's problem is the lack of capital endemic to the industry, not bad economics. At this point PDG or perhaps others need to step up with another 20 million to find more supergenes, double the deposit and finish the feasibility. MNP may lose some of the immense upside when that happens, but today's US 3 1/2 million market cap for this deposit is not justifiable.
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