Do you think is economical?So I'm not a mining guy by trade, so still learning as I make mistakes here and there.
Initially I thought, wow 8 million ounces of indicated gold --> that's $10B at current gold prices, but then I realized the grade is only 0.55gram/tonne, which anything below 1gram/tonne is pretty much not economical...plus I was told by a colleague who ran a small mining company before just like EGX that Ecuador isn't a favorable place for gold exploration... but again he wasn't so certain as he hasn't been in the game for sometime.
Knowing all of these, I'm not so sure if PEA will sent shares flying. Also keep in mind, 8 million is indicated, so there are a lot more holes to drill to show proven reserve considering grading is extremely low...
Any expert here to shed some light on how this can play out?
Cheers