money starting to come in!!

From the 16/3 half yearly report....

"The company received the first payment of $1,000,000 from KAI under the option agreement on 4th March 2011. A further payment of $1,500,000 is due by the end of the first quarter."

So I can now see why they are already talking about further drilling @ Crater mountain..

"Assay results are anticipated in 2nd quarter 2011.
Subject to encouraging assay results, the Company plans for a more extensive drilling programme to be scheduled in 2nd half 2011."

and with Sao Chico coming online soon also

"As of late February 2011 mining had commenced, with first production expected to commence in late March/early April 2011.
- 6 -
Open pit mining is targeting 50 tonnes of ore per day (tpd) before progressing towards the planned production rate of 100 tpd (30,000 tpa). At the targeted grade of 20g/t Au, it is anticipated that production of 20,000 recovered ounces per annum will be achieved."

Great stuff although i believe that, once again the company is aming to high with the 20g/t average grade....

They are also looking at possabilities of


"Potential for small scale, open cut operation
The possibility that coherent areas of anomalous gold values outlined in the new bench assay results constitute shallow, low-grade gold targets for surface mining is being addressed. The largest coherent Au-in-rock anomaly to emerge from the sampling to date straddles the end of the ridge above the new top camp @Crater Mountain."

and they already have an infered resouce at Fergusson Is.
and with the 2004 pre fesability study indicating a going concern @ $400/oz there is the potential to opencut there also.

"A pre-feasibility study (PFS) in 2004 indicated the potential for a 600ktpa ? 1mtpa plant operating for 3- 5 years and based on a gold grade of 2.2g/t from the Gameta deposit and a similar potential at Wapolu for an additional 3-5 years. Given that the PFS assumed a gold price of US$400/ oz, the project economics are certainly enhanced at current buoyant gold prices in excess of US$1300/ oz."

So all in all they seem to be putting together projects which will fund ALL the exploration and development for Crater Mountain...
It seems to me that they all already know alot more than what they are letting on to....!!!!!!!
All leading to very exciting stuff....
GoGOA