The price of gold is only relevant if you can mine at a reasonable cost. MCO would have been unprofitable towards the end with gold at $3000 per once.
Someone has to drill to ascertain where the economically recoverable gold is to be found. A high gold price will make obtaining the funds for the drilling possible. Profitable mining can only commence after it is known, not inferred, where the economic gold is to be found.
It has often been said that anyone can mine gold- the art is to do so profitably.
more pics, page-4
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