They also fail to take into account the likely operating cost of the deposit.......
As the mineralization is near surface the strip ratio is likely to be low (And i believe the chemistry of the ore is quite benign), meaning AMX would likely be a low cost gold producer.
This makes the $215/ounce a low ball as a premium should be attributed to the lower than average cost of recovery.
I sometimes really do wonder how these guys have jobs with such incomplete analysis......
Ann: Ampella Research Note by DJ Carmichael , page-3
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