Replies to post #58896 on Medinah Minerals (MDMN)

[Hurricane_Rick]

15 years ago would equate to 1998. Don said that the work was done in 1986.

That's what is on the recording at the AGM. I personally don't trust anything that isn't in writing, though I may make note of it.

Do you happen to have a copy of the report? I haven't found it on the official website or anywhere else but I'm still looking.

No. And I doubt you will find it on line. You'd have to consult with JJ, Codelco or maybe the Chile Ministry of Mining.

Quote:Alto de Lipangue Breccia Pipe 722,000 ounces of gold

This is what Dr. Decosta claims ADL holds. Yes, there are other metals but lets just compare gold for now.

That figure is not Dr. Decosta's claim. That is what Medinah Minerals former P.Geo Gordon House (deceased) estimated in his preliminary resource estimate on ADL in 2003.

So a property with an estimated value of $1.88 billion (I'll give you $2 billion to make the math easy) is the flagship property even though it holds only a third of what Jota holds? Shouldn't JJ be investing all his resources into getting the gold out of Jota rather than ADL?

Your comparing apples to oranges and not taking into consideration the most important variable in mining - the cost of extraction.

The Jota property had 100 holes and 20,000 meters of drilling at 100 meter step outs. The drilling at Jota was far more extensive covering a greater area (10,000 square meters). However, with 100 meter spacing it is far less reliable as far as resource estimation is concerned and won't yield anything greater than "inferred" resources. It would take considerable instep drilling to more confidently define the resource estimation.

At ADL, only 18 holes were drilled totaling 5,000 meters at the Gordon Breccia with 25 to 50 meter spacing. This represents a much smaller drilling footprint, though more concentrated to allow greater confidence in the resource estimation. The drilling on ADL representing ~$2 billion in estimated resources was limited to a very small area on the plateau. If 20,000 meters of drilling were to be performed on ADL, it is presumable that the resource estimation might be far greater than Jota...especially now given the findings at Las Dos Marias.

Now consider the extraction cost. As you saw from the Gold Rush show, the Jota property is quite far from infrastructure (electricity, supplies, human resources, etc.). It is a barren desert, though close to the beach. Conversely, Alto de Lipangue is only 35km from Santiago and the town of Lampa is at the base of the mountain. It is at a low elevation (approximately 2,000 meters above sea level) and mining and exploration can occur at ADL most of the year round. There are access roads and power lines on the plateau and a communication tower. There is a large pool of miners and mining companies in the Santiago Metropolitan Region of Chile at their disposal. This significantly reduces the extraction costs for any mining projects occurring at ADL.