The below press release says it all with estimates of 30,000 oz/year for a mine life of 13 years, do the math putting in current and future projected gold prices. The mine is in operation as a large scale placer operation with little overhead cost of deep hard rock mining operations. They know the area well and no one up there to bother them. Clear sailing for the next 13 years with increased production every year. Potential to expand this to more placer deposits exist along with the shallow shaft hard rock mining of the deposits where the placer gold came from also which could be done year round as an under ground operation. Potential is excellent for many years. Expect huge price gains in the net two years at least $10 to $50 dollar a share in current dollars before the gold mania settles to it's highs in the next few years. These people have struggle in the far Alaskan north above the article circle for years when the company use to be called Little Squaw Mining Company. They are tough and the pay off will come in the next few years. I was up there myself in that area many years ago to prospected it myself but found they had already filed the claims on it. With only Shares Outstanding 48,255,603 a/o Aug 23, 2010, which is a tiny amount of shares and increasing income from production for expansion and no debt that I know of, this will be one of the big percentage gainers two years from now.
Press Release Source: Goldrich Mining Company On Tuesday October 19, 2010, 9:20 am EDT
SPOKANE, WA--(10/19/10) - Goldrich Mining Company (OTC.BB:GRMC - News) (the "Company") completed its first season of commercial gold production at its Little Squaw Creek gold mine, Chandalar, Alaska. The Company produced 1,522 ounces of gold (plus 259 ounces of silver) for the season, which ended on September 23rd.
Gold production progressively increased as mine infrastructure improved and overburden was removed. Goldrich produced approximately 346 ounces in July, 498 ounces in August, and 678 ounces in September, of which 523 ounces, or 34% of the season's total production, was produced in the last 15 days. The normal season for alluvial gold production in Alaska is from mid-June to mid-September plus two additional months for stripping of over-burden in May and October.
The Company had originally planned a larger scale operation but lack of sufficient financing at the beginning of the season prevented this. However, with the finances that were raised, Goldrich moved forward to mobilize a beginning mining equipment fleet, completed a mine infrastructure compliant with MSHA, stripped sufficient overburden to expose pay gravel, and began producing gold.
Information from this year's operating season will be used to update the 2009 preliminary assessment report. The preliminary assessment shows a 13-year mine life with production reaching 30,000 ounces of gold per year. Drilling has established the deposit contains more than 10.5 million cubic yards of mineralized material at an average grade of 0.02456 ounces gold per cubic yard. The deposit is open for expansion with additional drilling.
William Schara, CEO of Goldrich, notes, "We finished the season strong. We took the first steps in making the mine a long-lived profitable operation for Goldrich and its shareholders. This year's operation further confirmed the nature of the alluvial gold deposit, and we are well poised to resume production and benefit from the experience we have gained."
