GREY:HRIVF - Post by User
Post by
goldpigon Nov 28, 2008 11:08am
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Post# 15616381
Bissa gold deposit 2 + million oz
Bissa gold deposit 2 + million ozHRG has a 90 % interest in the BF Bissa gold discovery.
On May 23, 2006 High River Gold announced a substantial increase to the National Instrument 43-101 compliant gold resources to 1.3 million ounces based on this drill programme. Measured and indicated resources increased from 147,250 oz to 662,250 oz while inferred resources grew from 9,970 oz to 679,470 oz .
Since that time, 12 new targets were identified and drilling in 2007 and 2008 have made major extensions to the original 2006 resource estimate.
This will be updated soon and a feasability study will then be initiated.
It is very likely that the new resource estimate will exceed 2 million oz , at very good grades for a bulk minable mine.
This is a very strategic asset that could be easily sold for $100 million.
Clearly, HRG cannot develop all of its projects and a sale of one or two of these would transform the balance sheet and provide the working capital to advance its existing mines.
Of course, its new Russian master, which has oodles of cash, might just decide to develop all of these projects...