BB's big splurge had to do with intimate working knowledge of...

BB's big splurge had to do with intimate working knowledge of most of the sites he ended up buying into from memory.
Knowing big multi-nationals weren't interested in anything but milking existing resources for cash without any Capital expenditure,margins were low.
Doing so they wanted out before mining ceased and other costs and liabilities would come into play.
So most of those sites were bought for next to nix as end of life operations with inefficient contract miners and mine plans to boot.
Cigarette butts with a little bit of a puff left as Mr Buffet would say.
Most for around what he made in the first year from each.
Again like Mr Microsoft buying software that was to be Windows from IBM for $2000 while an employee.
The big money was in the machines.

The old addage a $bird in the hand is worth how many $birds in the bush and WHEN how many ?years away to when you get them and you don't know what one will be worth then applies to GCY. 100g/m for 50mtrs doesn't do much at 1000m down when you work out Greenfield $ costs of actually getting there long before you see your first buck back.
5 yrs down the track to get enough ore mined to restart milling?Gold price?
Just thinking of AMI's spend so far on mine access and another $70m or so to cover the further access costs to first ore.
Let alone what WGX spent getting Big Bell or was it Bluebird to get producing.
Suspect a full understanding of the Powerplant agreement or a working out for GCY of actual milling costs with it included would blow the claimed $14/ton out of the water.
Never understood how you could mill for $14 when you asterixed and excluded financial arrangements/costs over the power plant.

Not much chatter between GCY and WGX employees would be right-THE VALUE OPTIONS GONE,THE FAST PAYBACK-GONE a big difference between having a RUNNING MILL,1 years marginal low grade ahead to mine and WGX surface stocks you could immediately truck and mill for IMMEDIATE CASH to buy time-1-2 years- to drill out the site and find minable ore.
The site would then still be running.IMHO It's original value has been diminished further by 6 months mining uneconomic ore and the additional CASH BURNT..

Back to WGX the $8m pebble crusher was meant to add 100kt to a 900kt plant from memory.
Like everything WGX,I will assume MILL ratings are whatever the company or ORE decides until such time comes to ramp up processing.
Some could guess say 3MT+1MT+1.8MT potential when it suits with a little bit of plant refinement.
Maybe not but 10yr mine lifes at sites made buying in the 70's a bargain given the big shareholders ALL piled in at $1.22? from memory.
Nor do we need to think about the 20-30% unused underground equipment awaiting drivers and a job to do.

I get the feeling I am watching a horse in a maiden qualifier,Just as I did with NST once before, where the owners saying-as long as you just qualify "Don't over do it she's worth too much money in the long term plan if managed well ".
Smart Cap and Collar instead of COMMITTED GOLD HEDGES,some brains working smarter here for sure.

Regards