GREY:RNKLF - Post by User
Comment by
Geodan2on Sep 09, 2019 5:24pm
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Post# 30110400
RE:Now here is a foolish comment
RE:Now here is a foolish commentOn the drilling being successful, that was the drilling to create the resource estimate, the finding cost was $7 an oz. That is separate from profitability but it helps as very low cost as this article about Barrick puts it in perspective: BARRICK GOLD The world’s largest gold miner Barrick Gold (TSX: ABX; NYSE: GOLD) is also heavily invested in gold exploration, with the company noting that since 1990, it has found 129 million oz. gold at an overall discovery cost of US$29 per oz., or roughly half the average finding cost across the industry. https://www.mining.com/global-exploration-snapshot-americas-west-africa-australasia-remain-popular/ So the average cost is $60 an oz and RNC did it for $7, that explains why they audited it to double check.