RGRG some interesting info:
web site: www.riograna.com
from their web site regarding an old project for some comparsion on the new aquisition:
This project is located near the township of Coromandel about 550 km west north west of the city of Belo Horizonte. The project area has very good exploration potential for alluvial diamonds with gold and also diamond bearing diatremes. The area is within the Alto Paranaiba Diamond Province which has produced some of the largest and highest quality alluvial diamonds ever mined in Brazil.
The property contains approximately 4.4million cubic meteres of diamond bearing gravels or potentially 198,000 carats at a very conservative 0.045carat/m, and an 8.8year mine life. Estimates of revenue assuming mean industry costs, reveal an operating surplus of US$1.2million per annum with a possible US$9.9million surplus through careful ground selection[/].
then compare those figures of the above old project with numbers from their aquistion just announced:
from the 5/19/04 pr:
Our present holdings include a large alluvial Diamond deposit within the Santo Antonio do Bonito River covering an area of approximately 12,500 Hectares with an estimated reserve in excess of 23,000,000 cubic meters of Diamondiferous gravels and the adjoining Paranaiba River Valley property contains in excess of 30,000,000+ cubic meters of Diamondiferous gravels.
and they have developed the infrastructure to start production, from the pr:
To date, small-scale sampling and geological work has been performed. Preliminary reports state very encouraging results and the initial test sampling has shown grades of us$20/CBM. Gracie Mining has already developed the infrastructure necessary to start a mid-scale production in the project area. This consists of the necessary equipment to process approximately 200 cubic meters per hour, a 14 man camp house with lodging, offices, kitchen and tool/supply rooms.
Today was the first trade since january. vol today 5,000. Not sure what the float is, dosen't seem like much. would love to see a f/s lol. just did a crude comparison of figures from their site and then from the new aquisition as my knowledge of mining is minimal, but it appears as though this could get interesting imo. especially liked they may be close to starting production from the sounds of the pr. I plan on calling them tomorrow.
