Hey Corgs's, yeah that's about the size of it... Early management touted a robust resource, but failed to appreciate that permitting was really ever only going to be for an underground operation..
The original PFS called for an open pit then progressing to underground and that stacked up.. NPV circa $79m in the day..
Now have a look at Marmoto (I was there at Xmas) and the run off/slippage evident from old artisanal workings, deforestation etc.. And notice the proximity to houses and waterways.. Mining in this district will only really pass the environmental and community assessment criteria if it is underground..
Miraflores had some cracking hits, but in not fully understanding the resource and assuming an open pit design would fly wasted their chances early on I am afraid.. Also, without local buy in you will not get permitting.. The name change to Los Cerros "The Hills" is not by accident and the new MD is no fool hence his involvement in various Quinchia initiatives that benefit the locals. The risk here is the permitting, TSO does not have the same problem and hence is still the horse I would back over all others.. That's not to say I don't like the Quinella
8H GLTH.
