crackpot, I must say it is possible that I agree with your...

crackpot,

I must say it is possible that I agree with your figures. The problem is that there are too many unknown unknowns as a certain Donald R once said.

How much will it cost to run the plant? How much does the acid cost? Does it include disposal costs of the used acid? Does it include decommisioning at the end of the plant's life? Does it include the diesel for the electricity generators? Is it maintenance?

All of that together could easily add up to $1mn per year or $5mn over a 5 year LOM (just for Shambesai that is). Making the plant then free of charge to Obdilla and all other nearby mines that follow.

It doesn't really make too much difference to the project's economics as you rightly point out but it would be nice to know.

What we cannot factor in is how many other mines MSR will put into production over the LOM of Shambesai. For example let's say that in year 2 flushed with cash from Shambesai that MSR puts Obdilla into production using the same production plant.

By then Pum will also have been drilled to infill and could also be producing as well.

Then there at the other 48 prospective targets which have produced very promising soil sampling and trenching results.

MSR is not one or two or even three mines - there is the possibility, even probablility of there being a never ending series of mines across the whole 4400KM2 landholding.

The Tien Shan goldfield is a "Carlin" style deposit and these tend to be spread over extended areas, at least in Utah, Macedonia and China this is the case. The Chinese Carlin style deposit is that part of the Tien Shan goldfield that on their side of the border. MSR sits on a big chunk of the KR side of the same goldfield.

Rather than spend all of Sunday comparing my numbers to yours I would like to wait until we receice the resource upgrade which I expect within a week or so.

I should have enough information there to achieve more accurate results which I will be happy to post here.

I guess though the main point is that we can all see a fair value for MSR as being somewhere in the 40c - 60c range using very conservative assumptions based upon what we know now.

The resource upgrade will change that of course and will push the fair conservative target price higher.

But for now 40c - 60c it is.

What price did we close at last Friday?

lol

EB