capital raising, page-7

micky,

Thanks for the reference. I just had a look at the section on gold mines and the good news is that the Morning Star mine doesn't fit the paradigm at all. The study looks at modern, typically open cut operations using CIP technology to treat large tonnages of low grade ore.

Morning Star just isn't one of those operations. The mine has rich dykes of ore grading up to 2ozpt extending from the surface to an unknown depth. Supergene enrichment does not appear to be relevant for the Woods Reef orebodies so it doesn't seem that the oldtimers were able to dig up the rich stuff and leave us the dregs.

As to your estimated ore grade of 1/2oz/t, I like to think that the company will be selectively mining their best ore for this operation and mining ore with a head grade of 2oz/t or better. What would this do to your numbers?