RDL, there are some massive numbers which start to come out of this. Well north of our current poor MC of a few $m.
I like this:
On our estimates the 10,308 metres of drilling at the Bayantsogt prospect in 2011 supports a maiden ~40Mt resource. We would expect this to be increased by 50-100% with planned drilling in the 2012 field season, but the maiden resource alone supports an attractive initial development project of potentially 2Mtpa producing a +60% Fe product over a 10 year period. Further drilling planned in 2012 at the other three targets within 10kms of Bayantsogt are likely to support a total resource in the order of +300Mt and a much larger central feed project. We would expect an operation of +5-6Mtpa, on par with the Eruu Gol mine, to be Haranga’s medium term objective.
HAR Price at posting:
39.5¢ Sentiment: Buy Disclosure: Held
