Ann: Break of Day Delivers More High-Grade Hits, page-10

I like this little explorer. There's more than one way to skin a cat.You don't have to drill a deposit untill it's like a pincushion and you have spent so much money on drilling, its impossible to make a profit. Once you've got a reasonable drilling density you just go ahead and dig. Dominion did it with Challenger, they were unsure of the geology when they started, they had to build a plant no toll treating was possible and they took more than a million ounce out of that mine. I think IRC seems to be a closer model to Musgrave, prove up a bit of ore dig it out, toll treat it at a nearby plant and raise their cash that way, instead of diluting their shareholders holdings.