DoubleD: This is russett. Double t at the end. Look at the CSAMT resistivity charts posted on the Arp website. They clearly outline the current targets and show additional targets over a much wider range. And this method of analysis only shows subsurface targets to possibly 100 meters depth. Think of what may be below that.
They have drilled only a small amount of these areas and much of the rock is oxides, not sulphides, ie. its cheaper to turn this crap into gold than the sulphide crap that Barrick has to the west in Chile.
Are Lundin and Jones liars?. I don't think so. They have good reputations among geologists and mining contractors and they pay their bills. If you let Barrick have your shares for $5.00 you are letting them get your 1999 Caddilac for half price.
Look at the Barrick record over the last five years. Grab property at cheap prices that turns out to be worth much more later. Everyone is doing it, Placer, Newmont, Homestake, the Nevadas, its the game.
But shareholders determine the final price. Barrick isn't going to back off, even if they have to pay more, but if they do, the other majors are looking and will step in. The resource is that rich, but hell, don't take my word for it, but remember this posting a year from now when the great Barrick tells us the reserves have doubled. I'll be there to tell you I told you so.
I own Barrick too, and I'm proud of it, but paying the right price for Arp ain't going to change their stock price. I own Placer Dome too and I like the fact they paid a fair price for Getchell. Their geologists figure they will prove up additional reserves on Getchells ground and I agree. Its a win win situation. What Barrick is doing to Arp reflects what was known about Veladero 2 months ago. Things have changed.
russett
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