company still sound, with great possiblitiesMarket cap $5+million
No Debt
The Company’s working capital at July 31, 2010 was $1,027,954
Resource properties had a book value of $15,655,346
• $708,200 (before share issue costs) from a private placement of 5,901,666 flow-through
common shares priced at
.12,
No to mention Joe dewek used 250,000 warrants on Aug 30th at .12 cents filed on Sept 3 at canadian insider carried out privately
Kennecott Eagle Minerals Company (KEMC) recently drill-tested the PGE-bearing Echo Lake
layered intrusion at a site located approximately 200 metres from Bitterroot’s 100 percent-owned
mineral rights. Bitterroot’s mineral rights cover approximately 50% of the 10 km-long and 3 km-wide magnetic signature of the Echo Lake layered intrusion.
Rio Tinto to invest $469 million in development of Kennecott Eagle
nickel and copper mine and milling facility
(Ishpeming, Mich. — Tuesday, June 15, 2010) — Kennecott Eagle Minerals
Company today announced that its parent company, Rio Tinto, will invest $469 million in
the construction of the Eagle nickel and copper project located northwest of the City of
Marquette, Michigan (USA) in Michigan’s Upper Peninsula.
Nickel exploration target at Eagle East (Michigan, USA)
Further drilling at Eagle East, 1km east of Rio Tinto’s Eagle project in Michigan, has
identified a new exploration target with further expansion potential.
Exploration Target Tonnage Range (million tonnes) Grade Range
Eagle East 2.0 to 3.0 0.8 to 0.9% Ni
Location and Title
The Eagle deposit and the Eagle East project are 100% owned by Rio Tinto and are
located 42 kilometres northwest of Marquette in the Upper Peninsula of Michigan. The
terrain is generally flat and easily accessible by existing roads
The Eagle deposit was discovered by Rio Tinto Exploration in 2002. Following completion
of Order of Magnitude studies, the deposit was transferred to Kennecott Minerals
Company (parent company of Kennecott Eagle Minerals Company) in April 2004. As at
31 December 2007, Reserves at Eagle were 3.2 million tonnes at 3.89 per cent nickel
and 3.04 per cent copper.
It has also been stated Rio Tinto was looking for other properties in Michigan what better then a large piece 200 meters away.
Not to mention all the other properties, possibilities of cameco getting back in the action plus small ore funds coming in with no debt. This is an amazing sit and wait stock even at .12 or .15 cents the true Market Cap.
Just my opinion, Cheers.