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Gold/Mining/Energy : Golden Eagle Int. (MYNG)
MYNG 0.0700+5.7%Feb 21 4:00 PM EST
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To: Savant who wrote (2880)5/22/1998 4:47:00 PM
From: Claude Cormier  Read Replies (3) of 34075
 
<< Anything short of mining it out would be an extrapolation process. >>

Well, of course there are quite a few example where proven reserves had been established by conventional methods and actual mining reveal much less ounces. So, there is always some extrapolation but not to this extent.

At a grade of 7 gram per ton (asuming this is the average grade), we are talking 30 millions tons minimum for the proven category. That is the equivalent of a block of sand measuring 1km by 1km with a depth of some 20 meters. To prove up 6M ounces in this block (According to US geological measuring standards), one would have to dig at least 2500 holes, each of them 20 meters deep and take some 20 samples per holes for a minimum total of 50,000 samples. Depending on the topology of the terrain, channels digged into the ground or pits accross the property would also do the same results and would probably need a smaller number of samples. But 2900 samples loooks like a very low number to me.

I also understand that these 2900 samples covers almost 80% of the properrty and that 150,000,000 ounces are inferred from this including the 6M ounces proven. This implies that the proven ounces are established via a model that uses much less than 2900 samples. Next to impossible, I would say.

Anyway further discussions are not possible until we read the details.
No need to say that I am impatient to read the techicals.
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