straight from their...

straight from their website....

http://www.mutinygold.com.au/images/stories/asx/120523_Hartleys.pdf

MUTINY GOLD LIMITED
Deflector Footprint Extending; Resource Growth Q3
Mutiny Gold Limited (“Mutiny”, “MYG”, “Company”) has completed a drill
program designed to infill and extend resources at the Deflector Deposit,
part of the Gullewa Project (100%), WA, with great success.
Full results from the exploration program (consisting of ~15,000m of RC and
diamond drilling) has now been received and highlight significant high-grade
gold and copper mineralisation, extending mineralisation at Deflector along
strike and at depth. The drill results also add confidence to a new resource
estimate due for release in Q3 CY2012 (July 2012), along with future
resource growth to come.
Drill Results include “Bonanza +Oz Gold Grades”
Some of the results from the completed drill program include “bonanza (plus
ounce) gold grades” such as 3.3m @ 79g/t Au and 10.5% Cu from 62m; 2m
@ 57.1g/t Au and 0.2% Cu from 92m, 5m @ 41.8g/t Au and 0.3% Cu from
218m; 2.0m @ 38.8g/t Au and 0.5% Cu from 211m; and 4m @ 30.7g/t Au
and 0.9% Cu from 146m. These results compliment previous high-grade
intercepts reported in November 2011, which included an impressive 3.6m
@ 153g/t Au and 13.3% Cu from 145m.
Mutiny has also recently reported shallow extensions (11.0m @ 14.4g/t Au
and 0.2% Cu from 54m; 6.0m @ 4.45g/t Au and 0.2% Cu from 40m and
4.0m @ 10.23g/t Au and 0.0% Cu from 75m) to the Deflector Deposit which
is expected to provide for a larger open pit design (lower strip ratios) and
improve overall project economics. Completed drilling has extended
mineralisation over 100m north and remains open along strike (north and
south). The Company is now planning another phase of drilling to further
infill and extend mineralisation at Deflector.
Deflector Exploration Target of ~2.5Moz
The Deflector gold-copper deposit currently contains 530Koz of gold at a
good-grade of 4.9g/t Au, along with 29Kt of copper (0.85% Cu) and 620Koz
of silver (5.7g/t Ag). The deposit has ~66% of the contained gold ounces
and ~75% of the copper tonnes in Measured and Indicated resource
categories. Mutiny expects to increase shallow resources along strike,
where potential exists for additional 250-500Koz gold (@ 3-5g/t Au) and 20-
50kt copper (@ 0.5-1.0% Cu) and increase resources at depth downplunge,
where conceptually another 0.8-1.45Moz gold and +20kt copper can
be added over time. The Company’s exploration target for the Deflector
Deposit is ~2.5Moz, though this will need to be fully tested by future drilling.
DFS Expected Soon For Project Development in H2 CY2012
Mutiny plans to commence project development in the second half of
CY2102 for first production in early CY2013. Deflector is currently forecast
to produce in excess of 50koz of gold and ~2Kt of copper per annum at low
cash costs for the project development are expected to be modest, as some existing
site infrastructure can be utilised. We forecast capex of ~A$80m.
We have a sum of parts valuation for Mutiny of 16cps, which will improve as
the Deflector mining inventory increases enabling both mine life extensions
and/or increase throughput for improved production. Our 12-month price
target is 20cps and we recommend Mutiny Gold as a Speculative Buy.