CVY 0.00% 11.0¢ coventry resources limited

Ann: Annual Report to shareholders , page-2

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  1. 3,827 Posts.
    lightbulb Created with Sketch. 79
    Interesting read...
    - resource at Cameron last calculated in Feb 2010
    - using conservative 1.5g/t cut off = 1.005m oz
    - since then 44,000m of drilling
    - results back for 35,000m
    - recalculating JORC this quarter (any guesses??)

    - pre-feasibility on Cameron open pit to be completed by Q2 2012

    - New near Rainy River prospect (terms of acquisition not clear?)

    - $8m cash in bank and low burn (<$2m pa)

    All comes down to what can be mined at what cost. If their earlier "starter pit" costs of <$600/oz for 300k oz can be scaled with adequate reserves and justify a decent size plant.

    Something has to give in sp - still being rated as a pure explorer rather than one with real production prospects.

 
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