Kerlan, the 34 zones that have been identified by Antares all lie in the Ojolali and not the surrounding 29,700 hectares. There's no telling how many structures will be identified once the company begins looking into this much larger property, which geologically has similar features to the Ojolali.
I've been an Ojolali watcher since the summer of 1966, when I first learned of Coleville Resources involvement in this part of the world. At the time there was a widely disseminated rumor hyped on the Internet that the property had an estimated 12,000,000 ounces of gold based on months of trenching and sampling done in conjunction with Barrick during spring and summer of 1996. When remote sensing data was added to the surface studies, geological structures were rumored to host perhaps as much as 20,000,000 ounces. By including the 29,700, one can reasonabley extend the estimate to 50,000,000 ounces on the total Sumatra site.
Before anyone flames me into a cinder, let me fully admit that what I am saying indeed sounds hyperbolic and unrealistic. Frankly I don't know exactly how much gold Antares will ultimately find.
I find it quite interesting though that the first resource estimate to be put forth by Antares has come in at one percent of this "hyped-up and crazy" estimate of mine, when only about 2% of the 34 zone volume in the Ojolali has had the truth detector applied to it. ("Truth detector" = "diamond drill") And, we're not even speaking of the 29,700 hectares yet.
So think what you will. In my opinion, Antares Mining and Exploration will become as well known as Placer Dome, Barrick Gold, Newmont Mining, Cominco, etc., etc., before all this is over. Also keep in mind we haven't even heard a peep out of AGC and the Toodoggone findings in Norhter BC either.
One last point, since news has come out I have been in touch with others in this forum. I've heard or read estimates of post recovery profits for Antares at C$1 to C$2 a share based on the half million ounces of proven reserves reported Friday. I don't know enough about mining economics to critique these numbers, but these estimates are consderably more than 41 cents where the shares closed Friday. I'm not even considering that Antares cash value is about 39 cents right now.
Where should the stock go Monday morning? For starters, I'd say C$1.40.
Regards,
Don DeKold
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