SIRG needs $5M to $7M - the spread due to the leach pond liner and if it needs to be repaired or replaced.
The costs to process the copper in the tailing piles will be low and my WAG is a profit of $2.50 to $2.70 per lb.
Their first year production target is 5M lbs or more so that will be more than enough to pay off the loan in a year. Add in the zinc and SIRG will have a very nice revenue stream.
I can't believe Rod would have hired Traves and Rizzo to begin working on opening the mine along with purchasing the additional 10% if he did not have funding ready.
Past exploration (seismic survey by Arimetco) results suggest that a paleochannel similar to the one hosting the Emerald Isle deposit may be present south of the current open pit. Prefeasibility studies give the existing open pit mine a life of approximately 4 years, removing 5,400,000 pounds of copper per year. There are also significant values of Zinc.
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