Mill Restart Now a CertaintyWhat's interesting is that their drilling last year showed extensive additional resources right at the 3 Mile Hill pit at Tindal East which is NOT INCLUDED in the scoping study. Today's news makes the case sooooooooooooo... much stronger.
There is no map of the current results, yet.
The maps and table of the earlier drill results are at the CBR website. https://www.committeebay.com/project_areas/australia/
This page alone makes it easy to visualize how they had already found the additional rich, high grade resource right under the existing pit and today's announcement hits the ball out of the park.
The 3D map is probably the single most important aid available to understand how rapid and close to reality the restart of the 3 Mile Plant actually is, and at 140,000 oz/per year!. They figure they can profit at gold prices anywhere above $522/oz.
Today's news makes the restart looks like a lead pipe cinch in 2007. That makes CBR flowing substantial cash in the near future.
As Resource Investor noted back in April:
"Committee Bay is still being valued at just US$28 per ounce of gold in the ground, and is down considerably from its early 2004 high above C$2.50 per share.
"When compared to the valuations of other highflying junior explorers (the average valuation of juniors tracked by broker Canaccord is currently US$56 per ounce), Committee Bay is a great buy on the bargain block. The fact that the company has actual near-term production potential and a terrific land package all but seals the deal."
"Beyond Australia, the asset that set the company on fire in 2003 was the Committee Bay Greenstone Belt in Nunavut. At over 300 kilometres long (and ranging from 5-50 kilometres wide), Committee Bay’s land package represents some 85% of the entire greenstone belt, which is said to be geologically similar to Canada’s famed greenstone belts in Red Lake and Timmins.
Goldfields [NYSE:GFI] was a former JV partner at the site, but earlier this year it opted to convert its interest into common shares of Committee Bay, leaving Gold Fields holding some 13% of Committee Bay’s outstanding stock."
To my thinking CBR is very similar to Desert Sun, except it has a resource at Nunavet that makes Desert Sun pale in comparison.
With gold having based for the past 8 months and ready for the next leg up, CBR ranks among the 'best of breed' of the juniors.