Ann: Glory Hosts Sapes Gold Project Site Visit , page-2

re: Ann: Glory Hosts Sapes Gold Project Site ... Good timing Glory!

Glory Hosts Sapes Gold Project Site Visit

"Glory Resources is pleased to announce that, commencing tomorrow, major shareholders of the company together with institutional brokers and fund managers will be participating in a site visit at Glory’s Sapes Gold Project located in north-eastern Greece.

The site visit is being hosted by Glory Executive Director Jason Bontempo and Chairman Jeremy Wrathall.

The Company welcomes the interest in its high grade Sapes Project."

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Gold in Greece, copper-nickel-platinum in Canada

7c
$4 million cash
$14.8 million cap

MAIN SHAREHOLDERS:
Eldorado Gold (19.9%)
M&G Group (15%)
Macquarie Bank (5%)

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FLAGSHIP PROJECT:

Sapes Gold project in Greece, acquired for $46.5 million in 2011.

Gold price at time of acquisition agreement was $1350, similar to now.

RESOURCE: Super high grade... super low cost

JORC measured and indicated 2.64 million tonnes grading 10g/t gold for 830,000 ounces; also a proved and probable reserve of 1.32 million tonnes grading 15g/t gold for another 630,000 ounces.

Very low cash costs of $295 per ounce
Modest capex of $98 million
Quick payback of 14 months
EBIT of $70 million per annum

Figures based on these very conservative metrics:
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Bell Potter values Sapes project alone at $152 million.
"We expect the resources to grow through extensional drilling around the Sapes deposits, and expect our valuation to increase when drilling continues.

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OTHER PROJECTS:

Onion Lake and Way Lake copper-nickel-platinum projects in Canada.

A 202 km2 project area adjacent to the Thunder Bay North polymetallic deposit.

Geophysical modelling to date has provided an abundance of high impact targets... drilling program scheduled for late 2013 or early 2014.

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Back to Sapes gold deposit in Greece...

Jason Bontempo, MD of Glory Resources:

"Sapes gold project has got huge potential, massive, everyone in the industry knows about it".

Based on current surveys of the gold underground he believes Glory can become a $1 billion company... T

Glory just need environmental approval to move the project towards production, and massive positive cashflow.

This now looks like it could be coming soon:

A significant positive change came in June with a new environmental minister appointed - he happens to be a champion for the development of a more prominent natural resources industry in Greece.

5 days ago he emailed this to CNBC:

"The Minister of Environment, Energy and Climate Change Yiannis Maniatis will call within the next 15 days a wide meeting with the participation of Glory Resources, local MPs, mayors and the local governor."

These positive developments could be behind the large buy orders that have popped up over the last few days:
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"When CNBC spoke to Bontempo in Athens last week, he was preparing for a visit by some of Glory's largest shareholders who collectively manage more than 380 billion euros."
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Thanks to RichieRich for breaking CNBC news.