Value Microcaps Junior Miners

[farwest]

First Metals - Curlews, they are already starting on work to get Magusi into production. They had planned on getting both mines up and running by mid '08, but the mill is the limiting factor - can only produce ~1500 tpd. Otherwise, they'd put Magusi into production right now - it already has ~5 yr resource.

They have a fully funded 20,000m drill campaign going on at Magusi right now. It is designed to move resources into reserves and prove up more tonnage. Management is looking for a ~10 yr mine life and feels pretty confident about doing so.


As soon as the open pitable material at Fabie is exhausted (in about a month or two), that mining equipment can be used to develop Magusi. Fabie will continue to be mined underground for at least another year.

They also expect Fabie to prove up more mine life as the deposit is open at depth, so I doubt Fabie will even be mined out by mid '09 in any case.

At current valuations, FMA is a steal.