Spinning off the gold assets might very well be the best thing to happen to Qmn holders. At least we would get new management, although Howard may offer us a discount for managing both companies. With gold going through the roof, shining a bit of light on the amount of gold Qmn has sitting in the ground can't hurt.
Maiden Jorc of 19400oz at Gilded Rose. With more drilling to increase this number substantially. Total Jorc for the company is 108,000oz. Global total 308,000oz
Basic back of envelope scratchings.
Mt Freda and Gilded Rose
108000oz x $1700 per oz = $183 mil
Cost of production $600-700 per oz = $64-75mil = plenty of upside
Plus gold credits of 200,000 oz from other deposits x $1700 = $340 mil
Does anyone know what condition the CIL plant is in?
Sure the gold is still in the ground but at least we know it's there. It's all about unlocking the value.
QMN Price at posting:
5.2¢ Sentiment: Buy Disclosure: Held
