Interesting release from GBM this afternoon and I'm not sure if I'm am reading it correctly because it sounds to good to be true. But I will put my interpretation down here to start debate by more knowlegable people. The way I read it, during the first two weeks of shake down operations they have managed to process 500 Tons of the 30000 tons of tailings left behind by the previous owners, with a stated yield of approx 100kg per 100 ton of gold rich sulphide concentrate. Now not taking into consideration any increase in processing speed and consistant yield for the whole 30000 tons of tailings, this should yield approx 3000kg of sulphide concentrate. I'm not sure of the percentage of this concentrate needed to make a bar of gold so lets say for arguments sake 50% until we get more info. So say 1500kg of concentrate at 32.150747 troy ounces per KG 1500kg x 32.150747 = about 48000 onces X say $700 per ounce bearing in mind the tailings are there and don't have to be dug up, = just over 33.5 mill. Not a bad return for left over tailings I think. Of course these are early day guesstimates as they have still to figure out a lot a variables, but in my opinion I think my estimate might be an understatement. There just may be potential in this mine yet as this is not even taking into consideration their inground resources.
GBM Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held