Hi Guys,Mr Burgess had 10 years at Porgera with Barrick. He is...

Hi Guys,

Mr Burgess had 10 years at Porgera with Barrick. He is targetting the bonanza zones that held 5 million ounces of gold in a very small area - looks like he has cracked it. Not many mining companies can hope to pull this sort of value out of the ground in a short space of time. Not only is it high grade -it's shallow. Rarely would they be held by a junor with a market cap under $100 million.

The Porgera high grade zones held 5 million ounces. If per chance IDC are in that same boat that is the equivalent of 62.5 million tonnes of iron ore at current prices. It is close to million tonnes of copper at current prices.

Barrick have a plant 15 kilometres away that is producing at cash costs of $560 an ounce and had reserves of 6.4 million Oz at the end of 2011.

http://www.barrick.com/operations/australia-pacific/porgera/default.aspx

I think David has Goliath by the tail here. Yip Yip.