Thanks Karl. I've read quite a bit in the last few days. I have a few questions.
1) Regarding the Sinagua property, as I understand it, grid sampling has been done on the surface with the conclusion that the surface ore is fairly uniform, and, as some samples have gone through the JL process, the sense is that the ore contains over 1 OPT (1.73 according to the recent news). The question is have ANY holes been drilled to see if the first material (at the bottom of the heap) ejected out of the volcano "looks" similar to the last material ejected out of the volcano on the surface? The 196MM tons of ore figure has been frequently placed next to the 1.73 OPT figure. "Although we have only sampled to a depth of five feet, our research indicates that the mountain is quite homogenous in mineralization." In other words what "research" is MG referring to?
2) I understand that MG owns part of the Sinagua site, has lease rights to some and some of it is govt. land. "15% of the Sinagu property being on State land, the remaining 85% is private ground of which the company either owns 100% or has the right to acquire." .... "The company owns 413 acres free & clear and has a lease/option for an additional 280 acres." Can MG turn the mountain into a plain (or hole) if warranted. What is your understanding of the lease situation? Also what is the situation between MG and the govt. regarding leveling the mountain?
3) On 4/12/99: "Production has moved up from one ton per day the week of April 5th through 9th, to 5 tons per day the week of April 12th through 16th. Upon development of systematic and periodic processing, concentrating and refining, we anticipate refinery checks on a weekly basis." How many tons have to been in production per week in order to receive refinery checks on a weekly basis?
4) "The warrants which have a closing date of June 1, 1999 are expected to produce an additional $1,500,000." The Exercise price of $2.00. If MGAU is below $2.00 on June 1, will these warrants be extended?
Thanks,
John |
