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Pastimes : The Philosophical Porch

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To: Real Man who wrote (4955)	11/21/2009 4:08:17 PM
From: Larry S.	Read Replies (3) of 26251

Interesting chart but isn't the decline in reserves with an increase in the price of gold a real plus for Juniors with significant ore bodies. The majors will need to obtain more reserves and the Juniors will be the source. According to a recent release, Tower Hill,in their Livengood property, has 17,500,000 Ozs (indicated and inferred) at a cut off of 0.3 g/t. Livengood is near a Kinross project where they have been profitably mining 0.2/t stuff. Tower Hill has about 60 million shares. At $100 /oz, the price that ore bodies sold for a year ago, it suggests that the project will be bought for something like $29/share or more. At 0.5 g/t they estimate 12.5 million Ozs, which using the same numbers corresponds to $20.8/share. And they have a lot more drilling planned. Larry

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