MDIN will be producing 8MM ounces of gold totalling $2.5 billion in value (at $310 per ounce) and using the proceeds to buy back MDIN stock. WOW! But the next paragraph in italics (from the press release) is pretty good, too.
In addition to the placer grounds, 463 high grade hard rock properties form part of the purchase agreement. The Caleu 1-20 property contains several high grade veins including the Catan which grades about 40 grams of gold per ton over 2 meters. This vein has been followed on surface for 2.8 kilometers and has been trenched and sampled along the strike length to verify grades. A tunnel has been driven into the mountainside at a depth of 1900 meters below the apparent surface of the vein and it is anticipated that, because of the competent structure, the vein will continue to much greater depth. Beside the Catan vein an area of gouge material 1 meter wide has given assays of 1-1.5 grams of gold per ton and beside this, another vein, 1.5 meters wide assays 30 grams of gold per ton. These veins run perpendicular to 3 observed horizontal manto structures 3 to 5 meters thick. These mantos are bedded materials through which fractures have occurred and Veins such as the Catan have filled. The mantos themselves assay 20 grams of gold per ton.
The Catan vein has about 40 grams of gold per ton over 2 meters. This vein has been followed on surface for 2.8 kilometers. It apparently goes to a depth of at least 1800 meters. In other words, at 40 grams per ton, lets assume only 2 meters wide, 1800 meters deep. That's 2m * 2,800m * 1800m or 10,000,000 cu meters. At 40 grams per ton (approx 1 cu meter) that's 400,000,000 grams. Divided by 32 to convert to ounces, that's 12.4 MM ounces. This vein alone has a minimum approximate value to MDIN (without producing) of $600,000,000.00 or about $13.60 per share. The actual value of this gold (when produced) (at $310 per ounce) is about $3.8 billion .
HOLY MOLY! This MDIN company has some of the LARGEST GOLD PROSPECTS IN THE WORLD! |
