From Stockwatch Gold Summary 5-9-16

Luc Lessard's Falco Resources Ltd. (FPC), up one cent to 58 cents on 575,000 shares, has a new preliminary economic assessment of its Horne 5 gold project in the Rouyn-Noranda region of Quebec. The dream sheet is based on a 12-year mine projected to produce three million ounces of gold from 63.8 million tonnes of ore. The rock averages 1.6 grams of gold and 15.5 grams of silver per tonne, plus 0.19 per cent copper and 0.85 per cent zinc, for an equivalent of 2.6 grams of gold. The study shows a discounted net present value of $667-million after taxes based on expected production of nearly 240,000 ounces of gold equivalent per year, but finding the $905-million needed to build the 15,000-tonne-per-day mine will be a challenge.

Mr. Lessard, now in his early 50s, signed on as president and CEO of Falco a year ago at $260,000 per year. He previously had been earning nearly double that amount, $510,000 per year, as chief operating officer of Osisko Mining Corp. until Yamana Gold Inc. (YRI: $5.63) acquired the company in 2014 and sent him packing. (Fortunately, Mr. Lessard had a $1.5-million termination payment tucked away in his luggage.)