let me get this straight TRE is going to start building a mine for a deposit that doesn't even have a PEA, let alone a FS. The 43-101 on the property (2011) showed 408k oz M&I at less than a gram/ton and 178k oz inferred at only 0.62 grams/ton. And they're going to do this with maybe $12 million in the treasury. lol
https://www.tanzanianroyalty.com/wp-content/uploads/2011/08/KigosiNI-43-101ReportNov-5-2011-2.pdf
Well, I guess it's better to build a project for which you have no understanding of the economics (Kigosi) than to build one (Buckreef) where you know for sure that the economics don't work. The much ballyhooed Buckreef PEA showed an aftertax NPV10 of just $33 million at $1,300 gold. That's not a typo...$33 million. No one would finance a project with upfront capex of >$300 million with such a ridiculously low NPV. And TRE only owns half the property!
https://www.tanzanianroyalty.com/wp-content/uploads/2012/12/BuckreefPEA_2012August23.pdf
I love this gem from the news release:
"
The Company is adequately financed to begin construction on the properties and there will be no equity or debt offering, and no forward sale of gold, in order to launch these projects."
Anyone with a modicum of sense and understanding of how mines are financed and built would RUN from this company. But obviously, this pr was not targeted to those people.