I have known of the property since it was discovered by FMC 30 years ago or so which mined it for a long time. Got interested when QEE discovered some deeper ore grade stuff and bought on the news yesterday of their intercepts in Starvation Canyon. I think it is undervalued vs. other small ones.
They are 100% owner and operator since they bought it from Anglo Gold and Meridian in 2003 as I understand it. One another good factor like you say, as they couldn't get screwed by a bad deal like calculating royalities, etc. <g>.
An excerpt from their web page:
""Jerritt Canyon History
Pincock Allen & Holt Technical Report, February 23, 2005
Prospectors explored for antimony in the 1910s. Reportedly, 30 to 40 tons of stibnite as antimony ore were mined and shipped from the Burns Basin mine in the Independence Mountain range between 1918 and 1945. In the early 1970s, there was a short burst in antimony exploration when its price reached historic highs of $40 a pound. Around 1971, FMC began exploring for antimony in the range. In 1972, FMC, later known as Meridian, discovered a disseminated gold deposit in the Jerritt Canyon (JC) area. In 1976, a joint venture was formed with Freeport Minerals Company, subsequently Freeport McMoran Inc., to explore and develop the area, and mining at JC commenced in 1981. In 1990, Freeport sold its 70% interest in JC to Minorco for $705 million and their wholly owned subsidiary, Independence Mining Company, became the new joint venture partner and operator of the mine. In 1998, Minorco’s North America gold assets, including their 70 percent in JC, were sold to AngloGold. On June 30, 2003, Queenstake became the sole owner and operator of the project. Queenstake acquired JC from AngloGold and Meridian.""
queenstake.com
PAH, Pincock etal, is a good reputable consulting firm imo.
I especially like their 100 square mile property position in permissive ground around their operations. Should come up with more deeper stuff, ala Carlin. But it's all a lottery ticket.
They do have a good web page to cruise around to get a feel of the company.
Have a good one,
c
PS. Just bought a little more at .32.. Talked myself into it. <g> Thanks for the Web Site. He's an old gold bug.. <g> |
