Might be a reserve upgrade but each drill hole only makes it larger Jet. The current program is to grow, not infill. This would be directed at cementing the debt to go into production by providing more mine life.
They have enough gold to really get started regardless of an upgrade. They can either put rigs on finding and expanding the deposits or they can spend the money on infilling the resource. I think they are right to add tons and grade before the opening of the mine myself.
They have 1.7m oz in the 90% probably, so its basically there imo. EAR could actually mine 100,000 oz pa for 17 years with what they have and forget about NST altogether if they wanted. I dont see NST allowing these guys to go into production myself, so something might happen in the next 6 months.
If you take 1.7m oz's and ramp that up to 250,000 pa, they would have over 6 years mine life as it is. That is production at approx the same cost as their own and that is meaningful. I dont think that will happen at the moment unless they hit a high grade play to slam that point home. That can happen at any time given the program. I think the bankable should hit within weeks myself and the drill results any day..dyor.
EAR Price at posting:
28.0¢ Sentiment: Buy Disclosure: Held
