An email i have sent to
Attention Sam Ierino.
In regards to MILLENNIUM MINERALS LIMITED (SUBJECT TO DEED OF COMPANY ARRANGEMENT) Addendum to the Explanatory Statement and Expert Report I would like to point out the following;
There is 2.8 billion dollars of gold in moy’s resource and if it would cost $2000 an oz to mine it the company is still worth 500 million dollars. Your Deed Administrators say the Company’s total indebtedness still exceeds its total asset value in a liquidation. You are trying to give my shares away for no value. Something is very wrong here and I object to the outcome you recommend.
Regards J.Hart
Summery from your report below.
1.4 Valuation summary Based on updated mineral reserve valuation as detailed the SRK Addendum, in conjunction with the details and assumptions set out at Section 7 of the Expert Report, the updated value range of the Company’s assets is $7.5 million to $103.9 million (preferred valuation of $57.6 million). The updated mineral reserve asset valuation represents an increase in the valuation range of $0.4m (low value) to $6.7m (high value).
1.5 Total indebtedness The Company’s total indebtedness is estimated to be in the range of $104.1 million to $106.8 million (adopted Total Indebtedness of $105.3 million).
Table 4-2: Mineral Resource valuation –
Total 1,159,100 Contained Au (troy ounces)
Gold price @17/03/2020 ***** $2,444
1,159,100oz x $2444=$2,832,840,400
If it costs $2000 per oz to mine it will be $444x1,159,100oz=$514,640,400
