Due for a rerating, $10mil market cap, 1-2mil oz gold, cash costs US$370oz, aim to produce 100,000/120,000 oz per annum, field work has began, initial resource estimate for the project in the coming month, drilling to begin late november, steinepreis relist, read investor presentation 24/08/09 for a good run down & todays announcement, good levels to accumulate while its going unnoticed:
*Maricunga Gold Belt (50 Moz gold & 450,000 oz/a)
* Option for 100% Arqueros - US$2.3m staged payments plus 3% NSR
* 2 Moz gold equivalent potential based on 20 to 40 Mt @ 1.5 to 2 g/t gold eq.*
* Targeting production of 100,000 oz/a gold eq.
* Open-cut development / brownfields project „³ fast-track to production
* 1 to 2 Moz Au equivalent targeted mineralisation in OPEN CUT MINE
*2.1 Mt/a @ 1.2 g/t Au & 44 g/t Ag (modelled scenario)
* Recovery 90% Au 80% Ag by conventional agitation cyanide leaching & Merrill-Crowe
* 100,000 oz/a Au eq.
* Estimated Cash Cost US$370/oz
dyor
LRC Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
