measured resource up 94%, page-15

Guys

This last drilling campaign was always about infill drilling for increased confidence & resource definition for the scoping study. There was also some drilling done outside the defined resource to evaluate the potential of extending the strike.

The main points we gain from this upgrade are:
1] Increase in grade is excellent
2] Massive 94% increase in the "Measured" category
3] Modest increase in the overall deposit
4] Recent drilling has highlighted very exciting high grade new targets along strike that the company has fast-tracked drilling on.

In regard to the "Measured" resource of 130,000 ... I am fairly sure that there will be very few that actually realize the significance of this! After all it looks pretty modest. But having an economically significant "Measured" resource is a critical requirement before a company can get any finance and move to the next level & begin mining.

Definition:
Measured Resource: That portion of a mineral resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through workings and drill holes. The locations are spaced closely enough to confirm geological and/or grade continuity.

Here is a snippet from ProactiveInvestors view of today's announcement:
"Based on the current gold price of US$1360 an ounce, the in-situ value of the Measured resource alone is US$177 million. The increase in Measured resources will underpin the Feasibility Study, which will commence next month, with these latest results included within the planned open pit.
Mutiny said this upgrade of a significant portion of the Indicated Resource to the higher confidence category of Measured Resource has met the company�s objectives, and confirms Deflector as a significant deposit and completes an important development step."

Put basically, in June they can now go to a Bank/Insto or whatever entity they want to raise say $50million to re-start mining, and confidently say: "We have confidently "measured" gold worth $177million dollars in our resource "bank" as collateral. We want to bowwow $50mill against that to begin mining."

They now have $177million worth of bargaining power, with much more to come!

These sorts of drilling and study activities are never sexy to the market as most dont understand the significance. But they are a very important milestone to MYG progress.

Good to see that they are fast-tracking the "sexy" stuff that we know will keep the market interested.... good for current shareholders.

I expect more of the same SP as we currently have, and a slow gathering of pace are exploration begins & we tick the boxes throughout the year toward mining.

Exciting times ahead

:)