Friday, April 12, 2013 5:09:04 PM
The Company recently reported that magnetite in the four deposits of the IGP contains 62% iron ore. Based on recent (January, 2013) spot market prices for iron ore and calculating grade, tonnage, mine life, production costs and recovery rate, the iron ore contained in the known deposits has a present market value of USD$2,912,090,850. Including the newly released gold numbers, the resulting aggregate mineral value confirmed to date is USD$5,558,258,850.
Trulan CEO, Robert Rosner, said, "We are obviously very pleased that the gold value is as significant as it is. Given that each of the ore bodies are subject to further step-out exploration drilling and sampling, it is not inconceivable that the number of ounces will increase. The IGP has the potential to be considered a world class discovery."
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