CDV may end up with a lot of gold, but at this stage its grade does not appear to be anything special. I do not like their location - Ghana is not a preferred mining country any longer in my opinion. Issues are high taxes, reduction in investment incentives (eg depreciation rate), problem with continuity of grid electricity supply, major problem with illegal mining, problems with govt on gaining approvals (delays and probably underthetable payment), issues with VAT refunds - just check out PRU on these issues.
WAF is more interesting, drilling with its own rigs and therefor lower cost and has a dedicated management - I have not looked at it in a while so I can not comment on what they have found. I like Burkina Faso as mining location, along with the Ivory Coast.
PIR turned out to be the best of our west African explorers, large deposit at 2.4 g/t and still finding more (300k ounce pa mine to be built there) - AMX and GRY had higher capitalised values at some stage but were vastly over-priced for what they had found. The main problem with GRY is its nutty management (especially its CEO), otherwise it would be over 35 cents.
loki
AOP Price at posting:
9.3¢ Sentiment: None Disclosure: Held
