Appreciate it. <g> Sometimes things happen outside out world of iterest.
BTW I am going big into WGDF again. <g>. Oops just at a lot higher price than before. I think management is the key on this:
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Western Goldfields Completes Management Transition
2006-03-29 10:28 ET - News Release
TORONTO, March 29, 2006 (PRIMEZONE) -- Western Goldfields Inc. ("WGI" or the "Company') (OTCBB:WGDF) is pleased to announce that the transition to the new management team announced on February 13, 2006 has been completed. As a result, Douglas Newby, who served in various capacities during the past three years including, most recently, as the Company's interim Chairman, President and CEO, has resigned from the Board of Directors. Mr. Newby will pursue other commitments as Chief Financial Officer of PolyMet Mining Corporation and as President of Proteus Capital Corp.
Mr. Oliphant, Chairman of WGI, said, "I would like to thank Douglas for his efforts over the past three years. He has worked tirelessly to advance the Company to the point where we can now progress rapidly to full-scale production of the Mesquite gold mine. We wish him well in his future endeavors."
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Western Goldfields Completes Management Transition
<An internally generated scoping study was completed concurrent with the revised resource estimates on the oxide resources only. The results of this study estimate expansion capital expenditures at $71,700,000. In addition, we estimate life of mine sustaining capital expenditures at $19,500,000. Life of mine average cost of goods sold per ounce is estimated at $325. The estimated average annual production is 170,000 ounces for ten years. Production is expected to commence in 2008. Our preliminary after tax internal rate of return at an assumed gold price of $500 per ounce is 25% and at an assumed gold price of $600 per ounce is 52%.
"The revised estimates for the measured and indicated resources for the Mesquite Mine demonstrate the enormous potential that remains at Mesquite," said Ray Threlkeld, President and CEO. "This is the first step towards finalizing our feasibility study due to be completed mid year 2006. The 6,200 drill hole data base should give us a very high degree of convertibility from resource to reserve. As the resource was completed within a floating cone, we can now proceed with developing the mineable reserves for the feasibility study."
The mineral resource for the Mesquite Mine has been estimated with definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum. The mineral resource estimate was prepared by Michael Hester, Vice President Independent Mining Consultants, Inc., considered a qualified person, as the term is defined in Canadian Securities Administration National Instrument 43-101. >
I see a 5-10 bagger here over the coming years. I can wait. |
