What people are missing..The press release is outstanding, but the average joe retail shareholder is missing the "nuggets":
1) On Sept 9th, RNX said they found 9,000 ounces. On Sept 16, they found anonther 1290 ounces for a total now of 10,290 ounces. On September 24th RNX now states that the amount of gold went from 10,290 and more than doubled to 24,000 oz. Now on October 2, three weeks after the discovery they are stating that this small 10mx6m living room sized room contains at least 30-35,000 oz, or more than 3x the original discovery. My guess is that it will be over 35k...probably closer to 40k.
2) On Sept 9th, RNX said all they know is the find is a 5meter find. On Sept 16th, they say the find is at least 10m. On September 24th, they state that "further proof of concept that the structures containing the "Father's Day Vein" discovery extend 200 metres ". Now on October 2nd they state that they have more than doubled the strike to 540m ("now extended the known sediment structures by a total of 540 metres")
3) Here is the best part....while some people are thinking they have gained more ounces because they have extended the mining area, they tell us that they have not done any additional work, because they will start mining "later this week", of course some of the few days will be just providing the material to get to 35k oz, but they will then try to extend past the original 10meters. So while people have been waiting for another big discovery, shovels have been "down" as they await the right equipment to properly!
4) For those of us that have been longer term RNX shareholders, we know that the debt of the company weighed on the operations...this release once again clearly states that RNC has repaid all debt and will have a large cash position.
5) In case you missed it this "bulk sample" is producing 5,000 g/tonne!! If someone hits a 5meter drill hole of 50g/tonne, that is excellent news, though one would still not know if it is mineable. RNC has proven that the ground contains 100x that amount and it will be the cheapest cash cost to pull it out of the ground that the world has ever seen.
So what do we have to look forward to? (1) continuous mining of very high grade gold as they follow the vein, and (2) an extension of the strike length to over 540km, (3) cash pouring into the tills of RNC so that it could speed up (1) and (2) above.
Just another ho-hum PR....I THINK NOT!