I am not expecting a reserve to be defined by end March, but rather a resource. This is the stated objective of the company (see last quarterly report).
Obviously I have no idea how large that will be. However I am hoping it will be at least 300k ounces grading at 2 grams per tonne or better. Substantial infill drilling would then be required to convert resource into reserve at some stage (just as AZM is doing now).
As regards to a possible takeover, I have no expectations in that regard for MET. However if other west African goldies are subject to takeovers at high prices (like RED Back Mining was in 2010) then this would have a positive spillover effect on the prices of other goldies in the region, including MET.
As long as MET can increase its resource over time it will become more valuable. A key factor will be grades.
Two pure explorers that have done very well in 2011 are AZH and PIR. These have had good to very good drill results. PIR does not have a resource of any substance and AZH is building on what it has found. Check them out if you like.
Most of my goldies are producers or near producers. However, I have some funds in pure explorers, such as MET.
loki
MET Price at posting:
31.0¢ Sentiment: LT Buy Disclosure: Held
