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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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To: Illogik who wrote (64772)4/12/2009 9:34:16 AM
From: niceguy767  Read Replies (2) of 78408
 
Here is the public information that I'm aware of:

" Metanor possesses known gold resources between the Barry Deposit and Bachelor Lake of over 470,000 oz + over 100,000 oz historic at the Hewfran extension but more importantly the Bachelor Lake Gold Mine has a proven geological model that is open in all directions at depth with plans to upgrade to 1,000,000 oz. They also currently have ~450,000 oz at the Dubuisson property."

Obviously caveat is in order as there is an enormous gulf between "known" and "43-101" reserves and needs to be factored in to any buying decision along with the implications of the recent $18 million (assuming warrants are redeemed at some point) placement, the doubling in milling capacity and any progress toward profitability.

My take is that the recent $18 million placement is a huge endorsement of MTO future prospects, one shared by MTO management as indicated by their seeming urgent need to double milling capacity.

I just can't see management urgently doubling capacity if they don't have some, as yet not public, very positive assay information and I don't see them successfully raising $18 million unless Sprott and Goodman are fairly certain that very positive and, as yet not public, information is on the way.

Add to these factors the likelihood of imminent profitability and recent reiteration of the 70,000 rate of production objection by July/10, and I come up with a highly favourable risk reward ratio at the current $0.50, assuming POG remains at or near the current $880.
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