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SUBJECT: Re-post of Goldbug´s Jan 13th post. Posted By: JohnED7
Post Time: 1/23/2007 19:33
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For anybody interested in this play, I think this post by Goldbug is worth reading again. It makes it very clear why we are here, geez, that rhymes,
Seriously now, by Goldbug:-
The last poster is misinformed and misunderstands.However,I am not her to cuss or debate,but to simply tell the story,state the facts, and cast light on the potential of this project.
Here is something that needs to be understood.The last owner of this project went bankrupt due to depressed metal prices and the ppty was turned over to the county because of an accrued debt of 650,000.Most projects like this,at that time became uneconomic to operate.However,it would be an understatment to say,times have changed along with the economics of this project.Anyhow,at this time, we are not going to talk economics.I am going to explain that SNS essentialy managed to STEAL this asset out from under the noses of the mining community at large.The auction of this ppty was basicly unadvertised and any other potential suitor did not have the time to perform due diligence required to come to a respectable conclusion about the remaining exploration potential of these CLAIMS.
A new understanding of the geology in the region has attributed to Brian Whites optimism in regards to a new,and bigger discovery on the ppty.
Now.although the remaining reserves of aprox 10MM ounces of very high grade ore is indeed impressive,this is not why this ppty was purchased,is not why I am here,is not why Brian White is here, and is certainly not what is attracting 8MM dollars plus from some of the best names in the finance game!
What IS causing all this commotion? Well,because Brian White,who is the most respected Geologist in the district due to his understanding of ore controls in the area, believe's there is 100 million ounces of high grade ore,up country of any previous exploration.This is conservative.Now,the only thing better than finding 100MM ounces of high grade ore is being in a mine friendly jursidiction where you can actualy exploit the resource.we are in the middle of a world class district with 7 other deposits within spitting distance.This is some of the highest grade ore ever mined in north america with an average in the 20 ounce range.
Now.After this financing,the company will have 8.5MM in cash with only 25mm shares outstanding,a great managment team and the financial endorsement of some great financiers and mining minds in town.
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