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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (3249)	12/16/2005 6:27:16 PM
From: TrueScouse	Read Replies (1) \| Respond to of 78417

CC: I agree that there is no indication yet of the economics of the Mara Rosa project. But the Micon Report done for Amarillo in 2003 was encouraging in that respect. (Extract from their recommendations below). Given that they reached these conclusions at a time when the POG was $100 lower than it is now, I can only conclude that there is a good chance of the project being economic. We shall see... :^) Best regards, Howy <<Previous operators of the Mara Rosa project have concentrated on exploration of the Posse deposit and left other known gold occurrences and geochemical and geophysical anomalies incompletely explored. Posse has a significant amount of known gold mineralization remaining beneath, and to the south of, the former open pit operations deserving of further evaluation, and it could be considered a mid-stage exploration project. The remaining known exploration targets and areas of significant potential are early stage projects but have the potential to significantly affect any project economics at Posse should a discovery be made. Given the prospective nature of the Mara Rosa district and the recent positive changes in gold price and Brazilian currency exchange rates, it is Micon’s opinion that Mara Rosa is an exploration project worthy of further work. A program of review and compilation of previous work along with further exploration is justified. Micon has reviewed the proposed exploration program for Mara Rosa and, in light of the observations made in the Conclusions and Recommendations Sections of this report, supports the concept. It is Micon’s opinion that the Mara Rosa property merits further exploration and that Amarillo’s proposed exploration plan is properly conceived and justified. MICON INTERNATIONAL LIMITED “B. Terrence Hennessey” B. Terrence Hennessey, P.Geo. Senior Geologist December 19, 2003>>