Jerrit Canyon RealityI read the posts on this forum and wonder if we are all talking about the same Jerrit Canyon? Here's why. Gold operations in Jerrit Canyon started in 1981, over 29 years ago, and Jerrit Canyon has been mined expertly and thoroughly , with the Murray Mine, Steer Mine ,SSX Mine. and the Smith Mine. The Murray Mine was abandoned before Queenstake . The SSX and the Steer mines started gold production in 1997, the Smith mine started operations in 2001. Queenstake took over Jerit Canyon in June, 2003, and by January, 2007, Queenstake was on the brink of bankruptcy. By the end of 2006, Queenstake had closed the Steer and SSX mines and laid off the contractors and the miners because those mines "had experienced grade declines due to higher mining dilution as a result of the mining of smaller, less contiguous ore blocks", and Queenstake was losing millions of dollars operating those mines. They were also having problems with the "wet Smith Mine ore". There was no interest by Newmont, Barrick, or any other large Miner in taking over Jerrit Canyon. In fact , in March 2006, Newmont purchased 28.5 million shares of queenstake at Cdn
.41 a share which means they paid Cdn $4.10 a share for YNG shares in the 2007 YNG "acquisition" of Queenstake leaving a very bad YNG taste in their mouthes. The talk about some company wanting to "BUY" YNG sure sounds like an Olympic class CON job to me. Who are "they"? And what is this talk about YNG producing 150,000 ozs of gold? In 2009, YNG said they had 80,000 ozs of gold stockpiled at the Jerrit mill and would produce 2000 ozs a week for 40 weeks. So far in 2010, YNG has produced about 27,000 ozs of gold in the first 2 quarters, 26 weeks, a small fraction of their rosey prediction, with very little coming from that mythical stockpile. Will they reach their predicted 150,000 ozs in 2010? You do the math. It appears very doubtful that YNG will ever be able to produce 150,000 ozs from the Smith mine Sorry to say, but it seems Jerrit Canyon is pretty well mined out. Core samples are fine, but how much is economically mineable? JMHO ICE