the most undervalued and unknown multimillion ounc This year's letter to shareholders suggests that Moss Lake might be "the most undervalued and unknown multimillion ounce gold resource on the planet".
I've set out below the full text of the letter, which is found in the most recent Annual Report.
Message to Shareholders
In 2012, the Company completed metallurgical and grinding tests with positive results. We engaged a consortium of geological, engineering, metallurgical and hydrogeology specialists to provide a 43-101 compliant Preliminary Economic Assessment (PEA) which is nearing completion.
A comprehensive review of the extensive historic database, combined with new fieldwork, has led to a new interpretation and material increase in resource estimates. Indicated Resource contained ounces increased 30% to about 1.4 million ounces at 1.1 gAu/tonne while additional Inferred Resource contained ounces jumped 225% to about 1.7 million ounces at 1.1 gAu/tonne. This work also recognized excellent potential to significantly expand resources through additional drilling – the deposit is wide open!
Now we are focused on completing the PEA. We want to define the economic conditions necessary to support a hypothetical mining scenario at Moss Lake. It is critical to share this with shareholders, their directors and the market. This may be the most undervalued and unknown multimillion ounce gold resource on the planet. This work will provide the technical basis to value the asset in the market – a key driver to advance and hopefully develop this project.
Thank you for your patience,
George N. Mannard
President
April 25, 2013