resourse upgrade, page-37

6U

justread is correct in his statment that the enterprise value is greater, measured is what MYG where chasing as this get converted to proven, proven is whats used in the DFS

the market seems to like big numbers even if its in inferred, the problem with inferred is there tends to be ounces added from sources like old waste dumps or heap leach pads that will never be treated because the grade is to low or to much waste to move to get to it.

if MYG had ugraded the resource the same as today but added 400000oz in inferred there would have been a riot for shares, even though the inferred section could be fluff, all exploration managers know this so I suspect the next upgrade will be heavily weighted to inferred as Justreading has indicated.

also with the upgrade you can add 20 to 30% to the resource as a given as companies doing JORC resources need to cover there arse, that said there looks to be easy 5 mine life plus with exploration up side.

I mentioned MYG's position to my director mate yesterday and I cound see on his face he was thinking, why didnt I get involved with those convertable notes I was offered last year in MYG, ha sucked in I say.

on Justreadings other observation on takeover, this is a major possibility, MYG is a big cherry at under 50mil market cap, just my thoughts only but I would prefer to make an offer for MYG than spend 20 million on an exploration lease, hint hint fat man

71c4