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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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To: John Vosilla who wrote (4576)	3/14/2006 9:41:07 AM
From: aknahow	Read Replies (1) of 78420

With the drilling results released today I think there is a good chance AGT or t.apg has over 1 million oz. in reserves. Don't buy into the old rumor of 2 million but 1 seems possible and even probable. "The current reserves of 457,000 ounces of gold at Black Fox are all open pit reserves established by the pre-feasibility study compiled in March 2004 with 3.2 million tons (2.95 million tonnes) with an average grade of 0.14 oz Au/ton (4.8 gm Au/tonne) for the total of 457,100 ounces of gold. The reserve did not include any of the drilling conducted by Apollo in 2004 and 2005 which consisted of an additional 156 surface core holes and 370 underground core holes, all of which will be included in the updated 43-101 currently in progress. This new reserve will be a combination of an open pit and underground reserve. The total Black Fox drilling program, since Apollo Gold purchased the property, has been 449 surface core holes (135,712 meters) and 370 underground core holes (75,521 meters) for a grand total of 819 core holes (211,232 meters). Our proven and probable mineral reserves are estimated in conformance with definitions set out in Canada's National Instrument 43-101 ("NI 43-101")." //////////////////////////////////////////////////////////////////////////// So the 2004-2005 drilling of 156 surface and 370 underground added something. Surface grade could even have a lower cut off given the increase in the pog. Underground will have higher cut off but does not take a big leap of faith to think they may have increased surface reserves by 150,000 oz. and firmed up 300,000 oz. underground, for a bit over 1 million total. The above is just a guess but believe it is better than several of the guesses posted on Yahoo board.

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