exciting times

Hi All

Exciting times ahead!!!

What ever the resource estimate comes in at for Yandera tomorrow we know that this is really just the beginning. We know she should be somewhere in the order of 500 mil tonnes tomorrow with a cu/mo equivalent grade somewhere between .5% and .6%.

In drawing comparisons the Michiquillay Project in Peru has just been sold to Anglo American via auction for US $403 mil. “Michiquillay is one of the best undeveloped copper prospects in the world with significant upside potential” said Cynthia Carroll, CEO of Anglo American, in a statement. It has 544 mill tonnes at .69% plus some gold and silver credits. Yandera is in the same ball park.

By my very rough calculations Anglo has paid approx 4.8 US cents per pound on copper in the ground. Extrapolating that Yandera on 500 mil @ .5% would equate to US $247 mil = approx $1.80 per share on a diluted basis for MGO. While not guaranteeing my calculations as they are rough they do highlight the immediate potential of MGO and how significantly under valued it is. By tomorrow MGO should be able to show that Yandera is in the same class as Michiquillay.

One final thought. Among the other 17 pre-qualified bidders for Michiquillay there were Barrick, Xstrata, Southern Peru Copper, Compania Minera Milpo, JOGMEC, Zijin Mining and Nippon Mining & Metals Co., Japan's largest smelting company. Given they have all missed out on this major deposit I wonder what doors they could knock on next ??? Food for thought.

DYOR