looking very good this week
Gold jumps nearly $10 on Friday night and BAR expect great drilling results out this week. Will be a good week for holders.
A few weeks back The West Australian rumour article stated BAR could be sitting on a gold bonanza.
Below is an article from Kalgoorie News.
By Susan Bower BARRA Resources headed underground this week, keen to test the depth of a near-surface r e s o u r c e b e f o r e s t a r t i n g an underground o p e r a t i o n earmarked f o r first development in May. Stockpiling should begin in June, first production in July and cashflow by August. The activity is at Barra's Burbanks project, 8km from Coolgardie and near two milling options, Coolgardie Custom Milling and the Greenfields plant. Barra's managing director Dean Goodwin knows the geology of the area well and believes the ground, previously owned by Amalg Resources and Jones Mining, may not have been sufficiently appreciated. "People haven't recognised the potentiai of diorite in this area," Mr Goodwin said. Barra is hoping to eventually prove up 500,000 ounces but from the underground diamond drilling started this week, is hoping to at least double its 35,000 ounce resource. Mr Goodwin wants to pump the revenue from the resulting production back into the ground, to further test beneath the resource and continue surface drilling that has been und.e.r wa.y for some time.
Barra bas dewatered the 45m- with regards to our reserves It's also banking on them. deep Lady Robinson pit, calcuiation," Mr Goodwin "Our cashflow is our future, removing 30,000cum of fresh said lhls week. before we concentrate on our water. "We have restricted the other projects," Mr Goodwin The existing decline extends high-grade influence on the said. for another 50m, although not Inferred and indicated- One of these, the Phillips vertically. resource. Find gold project, 50km north Depending on what Barra "We were told a realistic of Kaigoorlie-Boulder, is unearths, production should gold uppercut level was 75g, likely to attract renewed combe continuous for a year and but the company has cut it pany attention later this year. perhaps until the end of 2007. back much further." ''We've done some desktop "There's a lot of high-grade In other words, Barra is studies and come up with some mineralisation there and we expecting some very interesting targets there," Mr Goodwin said.
BAR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held