The 7/30 scoping study said that JUST the Victoria and La Cruz deposits contained 2 million oz at a 1 gram cutoff, and 1.5 million oz. at a 3 gram cutoff. ECM is earning in to 70% of the Lo Incredible property, which includes deposits other than these two. So if they find no more, ECM has between 1.05 million oz and 1.4 million oz in the ground. Of course, these when reported were in the "resource" category, not proven ounces.
Then in August ECM reported some higher grade intercepts at El Tapon and Sophia. These included 120 feet of 7.19 g/t and 28 feet of 11.67 g/t. The interesting thing is El Tapon and Sophia are in a line between La Cruz and Victoria, and they all lie within a 3000 meter area. So they all can be mined together and cost per oz will only go down. Bema's been drilling this area pretty continuously; they did not shut down ECM drilling like they did their own deposits. They earlier said they'd move right on to prefeasibility drilling after the scoping study, so we have that to look forward to. Cap cost estimate is only 65 mill and 9 mill contingency, Bema/ECM could swing this kind of financing without help. My bet is they will push to feasibility by the end of next year, before then maybe consolidate ECM. They have over 42% already, most of which they bought at $1.50C or so.
Don't mean to sound like IR, I just like this stock, at US$.60!
John
PS I think fully diluted is 42.4 million shares(?), so far that
means $30 to $40 per oz in the ground. |
