Anyone done the sums for the JORC Reserve (proven & probable) at...

Anyone done the sums for the JORC Reserve (proven & probable) at Trilogy. This is a very high conversion of Resource to Reserve.

Even though the DFC has been delayed (again frustrating) the significance of the JORC Reserve announcement seems not to be appreciated at all by the market. This mining confidence level, the low waste to mining strip ration, and the recovery of saleable concentrates clearly makes this a bankable project without having the formal DFS.

For shareholders it means they can be confident that this project will be funded by debt and forward sales - so no shareholder dilution. The DFS will show the billion dollar Trilogy reserve will generate enough cash flow to repay the debt for start up in the first few years of production as well as funding the additional capital requirements for stage 2 (Kundip plus Mt Desmond).

Trilogy alone at a valuation of 5% of insitu value (very conservative for such a robust mineable reserve) equates to about 12 cents per share. So the current share price hovering around 6 cents seems to be very resonable value considering this does not include Kundip which has a resource of 750,000m oz of gold. As well there are many very interesting exploration targets around Phillips River that can be funded out of cash flow in the future.

As Tectonic nears a project "go ahesd" top 20 share holders are accumulating at current share prices.