Ann: Major Mineral Resource Upgrade at Gorno, page-19

Very nice increase in tonnage of resource and above expectations there. Also they seem to have improved the grade of the overall resource compared to the last resource estimate I've shown below.


All metals higher grade in current resource than previous one shown above. Hopefully this trend continues with the further drilling they will do. At current metal prices the current resource is worth about US$266/t, which is not as high as I would like it (I'd like US$300/t) but still good. We have to also consider the fact a lot of underground development has already been done which decreases likely CAPEX required to restart the mine. All in all very good really. It seems that 10mt+ is a very real possibility for the future. Nothing a major would be interested in (it will have to get MUCH bigger) but if they can keep growing this resource with the same or higher grades and mineable widths of mineralisation (2m+) then there could be a bright future here.