posted on
Nov 02, 2007 07:13PM
The Cdn $ closed at $1.07 US. Nice volume today with just under a million shares trading and up $.09 to $1.45. It looks like they have figured out that we are a producer. I talked to a long time promoter of the Rice Lake area about the progress at the mine and He thinks the same way I do. The management team is doing the right thing by proving up enough ore to make this a long term player with the resource base to last for many years, unlike REA and HARMONY. Rea used the cash flow from San Antonio for his other plays in Nevada and Harmony tried to extract as much as they could in a short time without even looking at the geology. Dale Ginn had the foresite to realize the potential at depth, partnering with Hugh Wynne to increase holdings and Fred Sveinson to secure the financing to buy the mine and infrastructure from Harmony. Now the new footwall model of the host Gabbro unit is going to be able to utilize the A shaft for development instead of just hauling men and ore from the lower mine.