cheap advanced gold play 1-2 mil oz gold

Due for a rerating, $10mil market cap, 1-2mil oz gold, cash costs US$370oz, aim to produce 100,000/120,000 oz per annum, field work has began, initial resource estimate for the project in the coming month, drilling to begin late november, steinepreis relist, read investor presentation 24/08/09 for a good run down & todays announcement, good levels to accumulate while its going unnoticed:


*Maricunga Gold Belt (50 Moz gold & 450,000 oz/a)

* Option for 100% Arqueros - US$2.3m staged payments plus 3% NSR

* 2 Moz gold equivalent potential based on 20 to 40 Mt @ 1.5 to 2 g/t gold eq.*

* Targeting production of 100,000 oz/a gold eq.

* Open-cut development / brownfields project „³ fast-track to production

* 1 to 2 Moz Au equivalent targeted mineralisation in OPEN CUT MINE

*2.1 Mt/a @ 1.2 g/t Au & 44 g/t Ag (modelled scenario)

* Recovery 90% Au 80% Ag by conventional agitation cyanide leaching & Merrill-Crowe

* 100,000 oz/a Au eq.

* Estimated Cash Cost US$370/oz


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