the paydirt presentation ( http://www.apexminerals.com.au/reports/asx090402.pdf ) clearly states;
calais u/g 1341kt / 266k oz wiluna east lode u/g 343kt /60k oz wilsons u/g 836kt /170k ounces
that is a probable underground reserve of 496k ounces contained in 2.5million tonnes at an average grade above 6g/t. this is a higher grade than the open pit ore.
my opinion is this is true and correct. but even if there is only half the contained gold in the 2.5million tonnes above it still supports a mine life of at least 2 years of output of total 250k ounces. That is alot further than your december comment.
This does not take into account the new zones nor any feed from other areas. One such new zone is reported by the company in the december quarterly report, the new east lode north zone which contains 343kt for 60k ounces. the company suggests that without wilsons (as used above) they can achieve atleast another 18months production from wiluna alone.
so thats the information i base my opinion on, care to list yours?
AXM Price at posting:
29.0¢ Sentiment: Buy Disclosure: Held
