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

To: hank2010 who wrote (36506)	3/21/2007 10:32:30 PM
From: E. Charters	Read Replies (1) \| Respond to of 78419

I would not say Spanish Mine is the best prospect. It had a lot of hoopla but it was impossible to establish grade or tonnage. It had some drilling that was pre-43-101 and a work up by a firm that was out of business that predicated about 30,000 tons of improbably high grade. That work could not be used at all in any modern docs or we would have been hung for six months by the thumbs in a the cellar of a stone walled portugese jail and our feet eaten by a ferret. We made a bid on that property when it was owned by another company and they could not agree on mining or assaying or any sort of reasonable share out terms, as I looked at it as really a pure grass roots play, where all the work needed repeating before one ton was mined. We had the mill, and the money etc.. but the people were unreasonable. The property reverted to the underlying owners and they dealt it out to GPXM when the made a low ball offer. The property may have had 20,000 tons of 3% moly in one zone, but all the work I could do showed it was only 5,000 tons and closer to 1.5%. GPXM sounded good and big time to the owners, but they will never do anything with it. They have one mine going in the States and very low incentive to develop anything else and they are not doing any real explo in that area. It is very hard to explore, as it may not respond to geophysics and the nuggety trends will not drill. We wanted to drill it closely spaced percussively and bulk sample, which we felt would take about 500K and had a 10% chance of success to establish a resource that could raise mill money. There are 100 other properties, literally in the area. Few have any docs. Drilling will not show much. The potential for any one of these eastern pyroxenitic intrusive limestone deposits is geological, and the spottiness, alway a problem in EVERY moly op from the low grade to the high, disseminated to nuggety, prevents amateurs at mining from making head or tail of them. In other words there may be 20 Spanish Mines, but they will safely hide from all but the most determined and deep pocketed of moly nugget chasers. EC<:-}