Yeap... crazy stuff yeah....
ERO is very similar as well.... ERO have $12M in cash.
Sellhiem is probably the ranked 4th in there projects IMHO... MXR have stated that target at Sellheim is 20,000oz a year at a cost of $200AUSoz. Gold is currently about $850AUS. So, at 20,000oz a year, that gives $650oz profit over 20,000oz = $13M a year profit (On $17M a year sales). This was before the bonnanza grades.
The initial mining will go for 3-4 years, but there is very limited exploration at Sellheim, so it could easily go 10 years plus....
As I said, this is the 4th best MXR projects. I would rank Bird in Hand Gold mine, Uranium (more than 1 project actually) and Iron Ore/Vanadium as bigger potential.
Just goes to show the potential of MXR, when $13M a year profit is ranked number 4....
ttc, page-5
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