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Strategies & Market Trends : YellowLegalPad

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From: John McCarthy	8/10/2009 12:50:06 AM
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Prize Mining Talked to Mike at Epl. The pp is not closed. They are still taking money, but over subscribed. They will close the pp next week. On site- -The tailing pit is complete. -They are dewatering the pit now, will take 5-6 days to empty and then maintenance. -The bulk sample was not completed, about half. The gold contents is to low. The plant is set up for around 10 grams per ton and the sample is less. They hope to use the rest of the bulk sample to dilute the product from the center of the pit.(most of the blocks that are left are from the outside of the pit) -One of their top geologists is on his way to site to develop plan of action where they will start mining. -They plan to start with the highest grade area first. (cash flow) -They do not plan to do a 43-101, it is to expensive and not relevant in nugget gold.(they have money, do not need financing) -They are behind their schedule, but are going to do as much as they can this fall. (about 70 days left) - I didn't talk to anyone at Prz to find out what their plans are for the other areas. Mike is very good to talk to. PRZ PRZ.V stockhouse.com ======================================== Thanks for the update. It kind of reinforces my view that not much will happen this month but I like some of the points here. As usual though, time needs to be multiplied by 3 with these guys. The tailing pit is about a week away...probably more. The bulk sample is not worth finishing I guess but I do like the news that they will use it to dilute the high grade zone. I would interept that to mean they are worried about gumming up the mill ! Time is ticking though and if they get the operation going in say 3 weeks then there will only be about 50 days of mining, weather permitting. What we need is news of a dome to extend the mining operation otherwise it will be another shutdown for 6 or 7 months. What happens in the next 70 days is crucial to the share price though. How much gold will they pull out in this time ? When will they tell us how much ? We may have to rely on people working the mill to leak some info as to how things are going because I expect no dollar numbers from the company until the end of the year. We may get a "gold bar" update from Harry I suppose. Still think after summer is over the share price will rise though and holding my guess in the forties by the end of October. I think August will be flat though. Good luck to all. stockhouse.com CRACKER

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