Silver Hart
On their website CMC Metals stated that in 2013 they will be applying for a class 3 exploration permit allowing the company to do additional bulk sampling and further exploration at Silver Hart.
Hopefully, they will get this done and receive a permit so that they can start bulk sampling again in 2014. According to the calculation in the "Introductory Description" this would mean:
2000 ton x 3500 g/t = 7 000 000 gram Ag
7 000 000 gram / 31.1 = 225 000 oz Ag
225 000 oz Ag x 24 USD/oz = 5.4 MUSD
After costs of 25% = 4 MUSD
According to a press release of 23 April 2007 they “started the permitting process for the development of the Silver Hart property. There are three applications that will be forwarded for approval. These include a multi-year Class III Exploration Operating Plan, a Mine/Mill Development Operating Plan Approval and a Class B Water License.”
According to a press release of 28 May 2007 they received the permit on 23 May 2007: “On May 23rd we received confirmation of the approval for the Class III Exploration permit required for the continuation of exploring for resources at the site during the operational phase of the project. The approval is for a five year period and also allows the access road upgrades to proceed to improve the ability to move heavy equipment to the site.”
This means that the process to receive the class 3 exploration permit does not take very long. If they get the permit and start bulk sampling again in 2014, together with the income from the Bishop Mill, I believe we will see the stock in a price range of 0.30-0.40
GLTA
