Like I said before, EAGM will list on the TSX. The potential for new discoveries for EAGM is high. The reserve statement finally came out today & it looks like this: "The Total resource at North Mara has increased from 3.8 million ounces to 4.4 million ounces and the total reserve from 2.4 million ounces to 2.9 million ounces."
From the announcement:
"Perhaps even more significant is the fact that Gokona was completely hidden under volcanic lava flows up to 30 metres thick. The discovery of the deposit is a marvellous piece of geological detective work by the EAGM team and begs the question: HOW MANY MORE HIDDEN DEPOSITS SURROUND THIS DISCOVERY?"
Just EAGM is worth 50c to LSG. GGN and SPX also proposed today to merge - both of these stocks are held in the LSG portfolio. (over 50% stake in each)
This is from the announcement today:
"Lion shareholders were advised in 2002 that EAGM was considering an ASX listing following the commencement of gold production in Tanzania. As a result of the excellent news from Gokona and an improvement in the spot gold price (from below US$300/oz to current levels of US$360/oz) EAGM is now considering other alternatives. These include an overseas listing, as some
international gold indices, notably Toronto, are trading at a premium to Australia.
Whatever course is finally chosen by EAGM, Lion shareholders will benefit when Lion’s $10.2 million investment (11 %) is revalued by listing or sale. The last placement price of US$2.00/share suggests a minimum valuation of Lion’s investment of $30 million, while Toronto TSX market valuations are multiples even of this."
LSG
lion selection group limited
