RE: Ride with proven winnersRES has attracted 'smart money' for some time.
Dines may have crowned himself the "original rare earths bug" last month, but Bob Bishop recommended Rare Earth Elements some 4 years back in his former
Gold Mining Stock Review newsletter.
Bob was the first editor to pick up on silver maven Bob Quartermain's involvement in RES's formation in its early days. Based upon historical drilling, The US Geological Survey had studied the area extensively (USGS Prof. Paper #1049-D) and estimated that it contains
"...one of the largest deposit of disseminated rare-earth elements in North America."
That was the RES story up to about 2 1/2 years ago.
However, there's strong gold potential on its property based in mine friendly Wyoming as well. And thanks to Bishop, who introduced Newmont to the property, we will see a Phase II drilling campaign later this summer. Earlier Newmont drilling in 2007 has already got the major thinking they may have some 5 million ounces.
Previously the property had only a 5 acre disturbance permit. Newmont has increased that to 200 acres and a major, multiple rig, driling progame is being finanlized for later this summer.
Importantly, RES retain all rare earth and uraniumum credits; the JV only included gold and copper.
So why is Newmont interested?
Their geos think the Wymoming property is similar to the Cripple Creek mine in Colorado that's produced some 22 MM ounces to date. And still churning.
This is an
elephantine-size gold hunt...all on Newmont's dime.
Enough said...this is ANI's house...do your own DD...here's a good place to start:
a video interview of Bishop and RES president Don Ranta from last Nov.