A Positive Spin, So To SpeakThere have been a few negative comments about the Ethiopian potential. That seems rather unfair to me.
Firstly, the glory hole drilled during the due diligence really was spectacular. At today's metal prices I calculate a value of close to $500 per tonne as compared to mining costs possibly in the $30 range. Now I know there is one heck of a lot of money to be spent on infrastructure, treatment,processing, refining etc, but that is one rich drill core over 52 metres or 165 feet. (4% copper is pretty damn impressive on its own.) And, of course, there are several other properties as well.
More importantly, the surface has barely been scratched. The drills have noit yet started to turn and there are those who would be dismissive of the results already. On the flip side of the coin, there will be speculators out there very much willing to punt on continuity of the deposit--and they may even be proven right.
Finally, North Americans may not be keen to invest in Ethiopia, but I would be willing to bet that the Europeans, Chinese and Indian investors are a whole lot more wordly in their investment horizons.
Certainly Canaco is almost totally about the Magambazi deposit. But I would be reluctant to dismiss Tigray before it has even seen the light of day.
By the way, our Signal Stockscore went from 2 to 51 in one day!