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Re: antman post# 3111

Wednesday, 07/21/2010 10:53:30 AM

Wednesday, July 21, 2010 10:53:30 AM

Post# of 3563
At the time I did not mind OGR. It was noticeable and was getting values. Upon reflection, hopefully not to be taken as 20-20 hindsight, I had found that their upside was limited. This has been borne out, as the orebody (it was mined open pit during a previous ownership) has not expanded that much. Whilst not shabby totally, as it could be heap leach, at least in the oxide portions, it never appeared huge. I thought 700,000 ounces was the upside. People seem to forget that in oxide, heap leachable ore, as low as 1 gram can be profitably mined. As little as 150,000 ounces of heap leachable gold can be a mine, depending on start up costs. I would think what they have at OGR at the one site of interest is probably mineable, but it is not necessarily a home-run promotion by itself. They have scads of other properties. Some of them may have more promise than the initial property they have promoted so assiduously. I had thought they should bang a few holes in these to see if they do not show something of interest.

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