RE: Another Article Expect feasability study to be late since they have been doing more drilling than planned due to successful results. Nolan Watson [SSL CEO] at Denver Gold show says that mine life is 7 years plus at this point!
The mine life extension is very encouraging, particularly as the reported 7 year life closely matches the October 2011 Industrial Alliance reserves model [extract from report below]. This report put a 12th month to October 2012 price of 0.95 on the Metanor shares.
The information that I would really like to hear, is the expected grade of these additional reserves. If that is not up to the forecast ~ 7gt, then there could be a replay of the low grade Barry reserves.
Source – Industrial Alliance – October 2011.
Therefore, our preferred model for Bachelor Lake consists of a 465,000oz Au
resource to be continuously developed and expanded over the LOM. While
we believe Metanor will eventually reach our previous back-of-the-envelope
estimate of 700,000oz Au, we restrained the resource estimate used in our
model.