Recall that Richfield's Blackwater Gold Project was taken over by New Gold in April of last year, for about $135/oz.

Dave is moving full steam ahead to get the updated 43-101, more drills and a PEA completed. Probe might not be Probe by the end of this year!

Here is what New Gold has been doing to it since then.



Updated NI 43-101 compliant mineral resource estimate for the Blackwater Project

 Indicated gold resource: 164 million tonnes at an average grade of 1.03 g/t containing 5.42 million ounces

 Inferred gold resource: 69 million tonnes at an average grade of 0.84 g/t containing 1.86 million ounces

At Blackwater, the company continued to advance its exploration programs, infrastructure development, environmental baseline work and First Nations, community and government relations. New Gold has completed an updated National Instrument 43-101 compliant mineral resource estimate for Blackwater which includes 70 additional holes totalling 18,625 metres since the last resource update in September 2011. Today’s update includes holes drilled through the end of November 2011. The updated resource includes 5.4 million ounces of indicated gold mineral resources and 1.9 million ounces of inferred gold mineral resources. Since the November cut-off, an additional ~40 holes totaling ~21,000 metres have been completed and will be incorporated into the next resource update.

In late December, New Gold also completed the previously announced acquisitions of Silver Quest Resources Ltd. ("Silver Quest") and Geo Minerals Ltd. ("Geo"). Together, the acquisitions consolidated New Gold’s ownership in the Blackwater Project, with the company now holding 100% of the above noted resource, and increased the company’s landholdings in the broader Blackwater area to over 670km

. New Gold looks forward to 2012 as there are now 10 drills active at Blackwater and the company anticipates an additional resource update in the coming months and the completion of a Preliminary Economic Assessment ("PEA") on the project in the third quarter of 2012.

You can't tell me Probe is STUPID CHEAP UNDER $4/share. What does $135/share X 4 million ounces EQUAL? Divided by 80 million shares fully diluted?