cash burn and outcome, page-10

And this from Brent back in late August this year :
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A Few Desirable Juniors (and Some Not-so-juniors)

Out of a field of about 200 junior (and some not-so-junior) gold
companies with potentially desirable projects, sixteen were chosen for
this analysis, four of which are currently in the EI portfolio.

The bases for choosing these particular companies are that each is
advancing an asset that:

1. demonstrates a reasonable prospect of generating margins at or above
industry average;
2. has a potential development capex less than $1 billion, or else the
asset is already in production
3. has a likelihood of producing >200 thousand ounces per year over a
mine life of at least ten years
4. demonstrates significant exploration upside potential
is in a reasonably stable jurisdiction.

The paragraphs of interest for Amx holders is below :


Three High Quality African Assets

West Africa remains a region with a lot of “low-hanging fruit” in
terms of high quality, large gold discoveries. Thanks in part to
recent political unrest in some countries, gold companies operating in
the region have been battered. After a lengthy review of West African
assets, three were selected; their geology, size, and grades are in
line with highly profitable operating mines in the region thus making
them desirable targets for takeover. Unfortunately, all three of these
are listed on the Australian Stock Exchange, thereby making purchase a
bit challenging from here in North America.

Ampella Mining Ltd. (AMX.ASX; APMZF.OTC Grey): $151 million market
capitalization. Ampella’s Batie West project in southwest Burkina Faso
not only boasts the Konkera resource (indicated and inferred resources
of about 3.1 million ounces at 1.6 grams per tonne gold), but it also
covers about 100 kilometers of additional prospective greenstone with
numerous gold targets. Ampella is fast-tracking this project with a
definitive feasibility study due in Q2, 2013.

Burkina Faso appears to be permissive for new mines and reasonably
stable. The country holds a huge swath of Birimian greenstone belts,
perhaps more than any other West African nation, and Ampella has what
appears to be an early position on a very prospective zone. Ampella’s
current share price considerably under-reflects the value of this
project and could easily double or triple once some traction develops
in the gold sector and/or as they grow this resource.

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