Stockwatch blurb on KalanakoClearly, Kalanako results not material, which is supported by the VP IR being permitted to purchase stock ahead of this news, which is still probably questionable regardless of the results.
Below is the stockwatch blurb. Great work if you can get it.
Howard Miller's Avnel Gold Mining Ltd.(AVK), up one-half cent to 26 cents on 95,000 shares, has upgraded its resource estimate for its Kalanako gold deposit in southwestern Mali. The company now lists 770,000 tonnes measured and indicated at 4.61 grams of gold per tonne, about 114,000 ounces. The company previously listed 380,000 tonnes at 5.55 grams per tonne, about 69,000 ounces. Avnel's main project in the area, Kalana Main, hosts a reserve of 21 million tonnes averaging 2.8 grams of gold per tonne.
Mr. Miller, chairman and CEO, says the expanded and upgraded calculation "adds great value" to Kalana Main, noting that Kalanako could add "up to one year of production" to the proposed mine. A one-year-old feasibility study of Kalana Main projected an 18-year, $196-million (U.S.) mine with a discounted net present value of $196-million (U.S.) after taxes. (The mine would average 100,000 ounces per year over its life, with production of nearly 150,000 ounces per year in the first five years.)
The London-based Mr. Miller has been running Avnel for the past nine years. He drew $406,250 (U.S.) in salary last year. Roy Meade, Avnel's president, received $400,000 (U.S.) last year.