According to the initial JORC compliant resource estimate in May 2008, the inferred resource of the project stood at 468.8moz at 0.86g/t Au totaling 12.4moz of gold. As of December 2011, the inferred resource of the project increased to 16.2moz of gold. The resource estimate based on the drilling data till March 2012 further increased by 48% to 24moz of gold at an average grade of 0.9g/t to 1.0g/t Au.
Our grades are similar and its just up to our tonnage now. I think we are looking at 6-7 porphyry targets and potentially 2 mill ozs from each one. As Warwick Grigor says "At what point do we begin to understand that Los Cerros is more than a great trading stock? Is it when you stand back and take a birds-eye view of the drill holes results coming out of the Tesorito Project in Colombia and see the big picture? If you do so you will recognise that you are dealing with a “world class project”, in the true meaning of the phrase."
LCL Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
