Taechang Mine - Low & High Targets at ***ong Mine, page-12

@Mr Kodal I'm appreciating your enthusiasm for ***ong and Taechang mines. I have a lot of enthusiasm for these projects too. Where we slightly differ in our approach to analysing these assets is - that I think you're attempting to piece the puzzle together with very old data, that may not be particularly reliable, in the same way you might use data to assess modern mines in modern times. Whereas my simple ass analysis consists some loose circumstantial evidence and conclusion in caps ; BIG MINES, HIGH GRADE & INEFFICIENTLY MINED = LOTS OF GOLD LEFT. Or to put things in my perspective better;
In roughly 50 years since these mines were operating, South Korea has turned from an Asian backwater into one of the world's most important economies.
The London gold pool existed in those days to keep its price pegged at US$35 (I like the Math that 35 squared = 1225, not far from today's US POG). This was the same price it had been 35 /40 years earlier the 1930s. Imagine trying to mine today at the $300-500 per ounce that the 1970/80s miners once had enjoyed (or even the record 1980 spike to $800 and supposedly we've recently had lower official inflation). There's hardly a gold mine in the world today that could make a profit with those prices at a 40 year peg. No wonder these mines closed when they did.
I believe that the mines were not reopened because, post early 70's, the industrialisation of Korea happened. They entered a whole new mindset and mining wasn't part of this.

Now to today; BMV are not your average corporate mining company! They use their vast experience and skills to achieve mine refurbishments on a shoestring. It's difficult to analyse these guys conventionally too.
No matter how many costs can be reduced to shoestring status - the mining plant is still going to be expensive when compared to the market caps of SAU and BMV.
Simon Mitchell already has mentioned that the first plant will be small by Australian Standards - possibly even considered a pilot plant, producing ~20000 ounces pa.
Could it be possible that the focus shifted from Taechang to ***ong because of an educated guess, that there could be enough broken ore left in the mine shafts to feed this mill for a couple of years? I reckon this might be the plan:

Firstly de water the mine.
Quickly perform a feasibility study on the broken ore or perhaps tailings (not on the whole mine for conventional mining per se - that would probably take a couple of years to complete).
Start extracting this ore from the mine using minimal workers and equipment while the small mill/ plant is being constructed.
Use the first gold dore sales to pay off plant and initial equipment ASAP (? 6-9 months).
Then there's cash flow for bigger and better stuff.
Patience will be required though!

There's actually nothing conventional about these two companies. That's why I'm hooked up on them. They're not following what other companies do. They're totally unique in their approach and that's also why conventional analysts don't understand them, IMO. I think I do understand them reasonably well, and I'm very comfortable backing them. Organic self funding is what they're about!!!