I believe it is much more than 50 ounces based on what the company reported in previous PRs:
We wait and debate until they release an update.
The longs, shorts, flippers, and dippers are all in this holding pattern.
The stock price could move without an update.
We have Gold.
The question is how much?
How much Gold was possibly captured by the company based on the two Dredging Operations updates?
The company started out getting 1.5 grams per ton of feed of visible gold and then ramped up to 3 grams per ton of feed of visible gold.
I used the average of 1.5 and 3 grams (2.25) for my calculations.
The company started dredging on April 16, 2011 and reported in the 2nd update they had 40 tons of black sands concentrate stockpiled and projected another 40 tons by the end of June.
It would take only 800 tons of feed to get 40 tons of black sands concentrate. Doesn’t seem like a lot however they were learning while doing and making necessary adjustments to improve efficiency.
If they were getting 2.25 grams of visible gold per ton of feed and they had at least 800 tons of feed then I arrived at 1800 grams of Gold or 57.88 troy ounces of visible gold.
The company believes that over 80% of the free gold remains in the black sands concentrate.
Where is the other 20%? I believe it is the visible Gold.
If 20% of the Gold = 57.88 troy ounces than the 80% percent = 231.52 troy ounces for a total of 289.4 troy ounces.
If they captured an additional 40 tons of black sands concentrate as projected then we may have 578.8 troy ounces of Gold.
We got a late start this year and are way off the goals in the executive brief; however we are on a way, improving as we go along.
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