Yosi:
Well, LLL has been after Crucitas for a long time, and Palmer's cash allows them to do it. This is a great deal imho. I am impressed by Guy Hebert's ability to put things like this together. Just as a reminder, the following is an extract from a post of yours back in April, taken from The Northern Miner, Vol 84, No 5 (April 1998):
"Meanwhile, in northeastern Costa Rica, near the Nicaraguan border, Lyon Lake has added four new concessions to its Esperanza gold property, creating a 160-sq.-km band of eight contiguous concessions that lie about 8 km along a structural extension of Placer Dome's (PDG-T) 2-million-oz. Crucitas gold deposit.
Lyon Lake's new concessions were once held by Placer Dome, but the major let them expire in 1997, before it discovered the Conchudita gold deposit near the San Juan River, about 12 km southeast of the Crucitas deposit.
"At Esperanza, we are waiting to see what Placer Dome does with Crucitas and Conchudita," says Hebert. "We expect that they will make a decision this year, whether they are going forward or not; if they are not, we will be interested in acquiring those concessions. If there is ever a day when we want to produce 100,000 or 150,000 oz., it will come from this area -- it's really blue sky for the company."
So finally there's some blue sky!! We should also remember that LLL received the only mining permit issued in Costa Rica in about the last 10 years, so Hebert is probably able to achieve what Placer could not -- to put Crucitas into production over the next few years. When you add in the Beta Vargas mine and the exploration potential at Esperanza, the new company has great potential.
Regards,
Howy |
