Our exploration tenements should have a greater value now that Independence Group have announced the project development for Tropicana based on an open pit operation with a proved/probable reserve of 48 million tonnes @ 2.2 grams/tonne. They are estimating a pay-back period of just over 2 years using $ US 1,300 for gold price and a total production over 10 years of 3.45 million ounces of gold ..
Source Ross Louthean 11/11/10 as detailed in a click-through link from mineweb.com yesterday.
CVX Price at posting:
12.0¢ Sentiment: LT Buy Disclosure: Held
