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Gold/Mining/Energy : GOLDEN PHOENIX MINERALS, GPXM
GPXM 0.000001000-99.0%May 28 1:24 PM EST
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To: Vince Moretto who wrote (601)4/7/2008 4:39:06 PM
From: hubris33  Read Replies (1) of 811
 
I see those cost estimates come directly from the Annual Report. I'm interested in GPXM's logic as to the costs of the drilling, given the fact that the rig is a sunk cost of about 400K to 500K and the drillers are on the company payroll. Surely consumables and salaries are only a few dollars per foot?

Interesting to note that they switched to hard rock drilling. I suspect that was because the lab is overwhelmed with samples. That TH-60 rig should be able to hump at least 1,000 foot per day in soft sediments even with numerous moves.

I estimate that of the 200 holes planned on the old leach pad, GPXM has already drilled at least 133 holes resulting in 1,596 samples. Has anyone heard an exact number from the company?

With the downhole hammer producing at a rate of 2.85 feet per minute, it seems likely, that if the geology remains favorable and the drillers continue to hump it, GPXM should be able to drill nearly 1,000 feet per day. That certainly will put a dent in the 60,000 feet planned for Mineral Ridge in a hurry (12 weeks).

So the question remains how is GPXM handling the samples? It sure looks like GPXM could benefit from set up a temporary laboratory on the property to analyze just Mineral Ridge samples. Perhaps there was an old production laboratory at the Mineral Ridge Mill that could be reactivated and certified? A couple of shifts of lab techs ought to be cheaper and quicker than standing in line at a commercial lab.

H3
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