RE: RE: RE: RE: RE: RE: Anybody? johnphock
MUX news release
"As noted in our November 7th news release, drilling began at Los Azules on October 12th. Los Azules is one of the world's largest and highest grade undeveloped copper porphyry deposits. A total of seven drills are operating at the property. The drills are considerably more powerful than the ones used during past field seasons. The Company believes this will increase the likelihood of reaching target depths (+700 meters), where high-grade copper mineralization has been discovered. Initial drill assay results are expected to be released early in 2013. The Company plans to drill approximately 15,000 meters this season"
https://www.mcewenmining.com/Media-Events/News-Releases/News-Releases-Details/2012/McEwen-Mining-Inc-Los-Azules-Lawsuit-Settled1131905/default.aspx
Drilling Costs:
15,000 meters x $100+/-per meter = $1,500,000 (plus other additional costs)
Example of drilling costs below
Orbit Garant Drilling Reports Fiscal 2013 First Quarter Results
The Company's Q1 FY2013 revenue decreased 5.9% to $34.9 million , from $37.1 million in first quarter of fiscal 2012 ("Q1 FY2012"). Decreased revenue resulted from a decline in both metres drilled and international drilling activity, partially offset by higher average revenue per meter drilled. The Company's fleet drilled a total of 304,832metres in Q1 FY2013, compared to 367,247metres in Q1 FY2012. Average revenue per metre drilled was $112.90 in Q1 FY2013, compared to $99.52 in Q1 FY2012.
https://finance.yahoo.com/news/orbit-garant-drilling-reports-fiscal-120000388.html
TNR''s Back-In Right with MUX
TNR will retain their Back-in Right for up to 25% of the equity in certain claims comprising the northern portions of Los Azules. These northern claims currently represent approximately 62% of the known resource at Los Azules. This 25% interest, when taken in the context of the whole property, would be currently equivalent to approximately a 15% interest of the total estimated resources at Los Azules (Canadian NI 43-101). This interest could increase or decrease depending on the location and size of future exploration results. The Back-in Right is exercisable after the completion of a bankable feasibility study. To exercise TNR must pay two (2) times the expenses attributable to the back-in percentage (ie. paying 2 x 25% all of the costs attributable to the claims comprising the northern portion of the property). Upon backing-in, TNR may elect to continue to participate in the project or be diluted down to a 0.6% NSR on the same claims comprising the northern portion of the project.
https://finance.yahoo.com/news/mcewen-mining-inc-los-azules-183727253.html