MOE 1.76% $5.21 moelis australia limited

Thanks for that.7 April: Significant Increase in Gold Resource...

  1. 22,691 Posts.
    Thanks for that.

    7 April:
    Significant Increase in Gold Resource Estimate
    http://sa.iguana2.com/cache/7d474e4a86371dd174c1d2ae175ed836/ASX-MOE-319206.pdf

    Estimated resources at the Moto gold project are now:
    • Indicated resources - 43.44 million tonnes at 2.7 g/t Au for 3.756 million ounces of gold; and
    • Inferred resources - 100.86 million tonnes at 3.8 g/t Au for 12.353 million ounces of gold.

    Comment: a total of 16.1 mill ounces and drilling is proceeding.

    Highlights of the resource estimate include:
    • increase of 34% in indicated resources to 3.756 million ounces of gold.
    • increase of 51% in inferred resources to 12.353 million ounces of gold

    • increase in grade of indicated resources from 2.5 g/t Au to 2.7 g/t Au and increase in grade of inferred resources from 2.7 g/t Au to 3.8 g/t Au.

    "A further resource review is planned for the third quarter of 2006 based upon analysis of further infill drilling results from Gorumbwa and Karagba-Chauffeur-Durba. These programmes were designed to
    upgrade the existing resources from inferred to the indicated category".

    "The withdrawal from ASX is part of the strategy to transform Moto from explorer into a gold mining company. Moto is working towards completion of a bankable feasibility study in respect of the Moto Gold Project in the Democratic Republic of Congo by mid 2007".


    COMMENT: I would'nt be surprised that by then we have a resource of between 20 and 25 mill ounces of which MGL is entitled to 62% or between 12.4 and 15.5 mill ounces.

    MGL Shares: 50 mill. Warrants, options: 10.7 mill; ignore 4 mill options 2011. Diluted capital: 60.7 mill.

    INSITU MGL 12.4 mill ounces of Gold @ US$650 and US$=CAN$1.124 amounts to CAN$9.05944 Bill or CAN$149.25/diluted share.

    Assuming that current share price=$CAN4.95, then per CAN$1 market CAP: CAN$30.15


    Activity report due at end of this month.

    Gerry
    Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.


 
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