RE: Year end insider buying continued
Loopee,
thanks for the info...as i've mentioned before - if Allen Sheito can pry his wallet open...it's a REAL good sign. I bet that man knows exactly how much chainge is in his pocket at all times!
MOA is much slower to react to the end of tax loss (and a larger holder or three leaving the party in Nov-Dec). It was delayed vs all other jrs in coming down in Oct...now it's delayed on the way back up. typical moa fashion. there are some shares for sale at 15 cents but not much after that....
Fully Diluted Shares Oustanding (for illust. purposes only includes warrants/options in the money) at certain price points....
$0.135 - 26.3M - Current Market Cap - 3.5M Cdn
$0.35 -27.0M
$0.40 - 29.2M
>$0.85 - 31.4M fully diluted for all practical purposes*
*1.2M warrants will expire out of the money (assuming share price is under $2 or $1.25 as of Feb 6/09!)
tC
** Bobby's Pond, EET Diaminds, Falls Grid Prospect, Little River Prospect and ....
Valentine Lake Gold Project
Current Status
The purpose of the 2008-2009 work program is to identify and drill areas of gold mineralization in close proximity to the existing Leprechaun Pond deposit (Main Au Zone) with the objective of increasing the gold resource from the current estimate of 443,000 ounces of gold at the uncut grade and 359,000 ounces of gold at the cut grade.
Mountain Lake is the field operator on the project and is actively preparing for the fall/winter exploration program. Current work includes the completion of a 20 km all weather road connecting the provincial road to the area of the Main Au Zone.
Planning for the 2009 drilling program is in progress.
Project Location
The 12,550 hectare Property is located in central Newfoundland, 55 kilometres(kms) south of the town of
Buchans, and ~40 kms southwest of Mountain Lake's Bobby’s Pond VMS (Zn-Cu-Pb) Deposit.
Access
The Property can be accessed by way of a 75 km gravel road from Millertown via the Buchans Highway. The gravel road was built and is still being maintained by the pulp and paper company Abitibi Consolidated.
Resource Estimate
The Property's Leprechaun Pond deposit, or “Main Au Zone”, hosts a NI 43-101 (Jan. 2005) compliant inferred mineral resource of 1,314,780 tonnes grading 10.50 grams per tonne (g/t) gold. Cutting assays to 58 g/t gold, the average grade is 8.51 g/t gold, for a total estimated mineral resource of 443,000 ounces of gold at the uncut grade and 359,000 ounces of gold at the cut grade.
History & Ownership
Consequent to Mountain Lake’s exercise of the option to acquire title to the Property (March 27, 2008), Richmont has acquired an undivided 70% interest in the Property, and Mountain Lake retains an undivided 30% interest. Richmont and Mountain Lake will now proceed to further explore and develop the Property on a joint venture basis.
The Property is subject to a 7.5% net profits interest on two of the former three lots that comprise the Property, in favour of a historical holder of the mineral rights (“Reid”). Xstrata retains a 2% net smelter royalty on base metal production; and retains a 1.5% net smelter royalty on precious metals production, until the earlier of: (i) 250,000 ounces of gold are recovered, and (ii) the 7.5% net profits interest becomes payable on the Reid lots, at which time the net smelter royalty to Xstrata on precious metals will increase to 3%.
Description
The Leprechaun Pond deposit is situated at approximately kilometer 1 of an overall geological structure that has been delineated by soil geochemical surveys to extend for 26 kms in a north-easterly strike. The 27 km strike length remains largely under-explored.
Potential
Richmont Mines has put 6 gold deposits in Eastern Canada into production since 1991 and Mountain Lake is very pleased to have them as a partner on the Valentine Lake Project.
The purpose of the 2008/2009 work program is to identify and drill areas of gold mineralization in close proximity to the existing Leprechaun Pond deposit (Main Au Zone) with the objective of increasing the gold resource from the current estimate of 359,000 ounces.