Aussie 1
in response to
by
posted on
Oct 17, 2007 11:42PM
I've been a long time shareholder of PRB so I've always followed AEM conference calls, publications, etc. Over the years its been asked of AEM what percentage of the Goldex Mine is on PRB's 10 claim portion. Essentially it is nearly all of the known reserves but it is believed that a larger tonnage could be plunging somewhat to the E or SE. The drill will tell.f its true, it will be more costly to produce. But if prices are higher than today AEM would produce a portion of that non- Probe claim along with a portion of the PRB claim. What percentage is to early to tell till they actually get down there and drill and find out what they have. The headworks you see and the original shafts where not built by AEM. Probe did that back in the late seventies/earlyeighties when it was run by Murdo MacLeod. By the early eighties the gold price had plunged and PRB ran out of money. Things were put on stand-by and eventually AEM came in paid off about $1 million the company owed with PRB receiving the 5% NSR.
Call Sean Boyd at AEM. I talked to him about two years ago.He'll talk in generalities but still give you information that he tells anyone that calls.
Incidentally, In 2005 PRB and NOT jv'd 50-50 on the Double Eagle property. They drilled 11 holes (1600m). Results were inconclusive.
..................eom