Ann: Update on Gold Production from Agate Creek Gold Project, page-103

Rather than resort to psychology by speculating on what the market thinks or the relevance of a director selling , let's look at the data and make some reasonable inferences. Significant drill results as per the Mar Activities Quarterly below.
The drill patern is 10 M apart, so on the surface 1 drill hole covers an area of 10m x 10m ( 100 sq meters)
If we take the mining to remove 5 meters depth, we get 500 Cu Meters of ore or 1250 ton of ore per hole.
CCGC019 – 3.0m @ 32.81 g/t
CCGC030 – 5.0m @ 12.86 g/t (5 M X 12.86 = 64.
CCGC031 – 2.0m @ 68.51 g/t including 0.5m @ 250 g/t
CCGC032 – 1.5m @ 50.37 g/t including 0.5m @ 106 g/t
CCGC033 – 1.5m @ 56.45 g/t including 0.5m @ 148 g/t
CCGC043 – 4.5m @ 91.70 g/t including 0.5 m @ 564 g/t & 0.5m @ 157 g/t
CCGC044 – 5.0m @ 27.94 g/tCCGC056 – 3.5m @ 19.24 g/t

Now we can do some elementary math:
-19.............3 x 10 x 10 ( 300 cu M or 750 ton) @ 32.81 g/t or a total of 794 ozs
-30.............5 x 10 x 10 (500 cu M or 1250 ton) @ 12.86 g/t or a total of 518.5 ozs
-31.............2 x 10 x 10 (200 cu m or 500 ton ) @ 68.51 g/t or a total of 1105 ozs
-32.............1.5 x 10 x 10 (150 cu m or 375 ton) @ 50.37 g/t or a total of 609.3 ozs
-33.............1.5 x 10 x 10 (150 cu m or 375 ton) @ 56.45 g/t or a total of 682.6 ozs
-43.............4.5 x 10 x 10 (450 cu m or 1125 ton) @ 91.70 g/t or a total of 3327.8 ozs.
-44............ 5 x 10 x 10 (500 cu m or 1250 ton) @ 27.94 g/t or a total of 1126.6 ozs.
This gives a total of 8163..8 ozs ....total value just under $15 mil

Now let's have a go at mining this.
If we block out the above area of 70 m x 10 m x 5 m deep we get 3500 cu m or 8750 tons
for a total of 8163.8 ozs or an average of 0.9328 ozs/ton or 28.92 g/ton ( this IMO, is cherrypicking this patch of the tenement)

Now let's look at the processing deal (3.5 g/t goes to Maroon + 40% of production)
@ above grade/tonnage the processor gets 8750 x 3.5 = 30, 625 gms (987.9 ozs + (0.4 x (8163.8 - 987.9) =
2870.36 + 987..9 ozs
for a processing total of 3858.26 ozs.

Therefore LNY gets 4305.54 ozs or $7.88 mil @ $1830 AUD/oz.

At 25 t/p/h 8750 tons would take 350 hrs or 8.75 weeks working 40 hrs/week.

IMO, it is in LNY's interest to cherrypick this patch first because the better the grade, the better the result is for LNY under the current contract.

There are two distinctive types of posters on these LNY threads: those who calculate and those who speculate.
Take your pick...............eh?

NB: All IMO only and investors are advised to consult a licensed financial advisor before making any investment decision.