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Omai Gold Mines Corp V.OMG

Alternate Symbol(s):  OMGGF

Omai Gold Mines Corp. is a Canada-based exploration and development company. The Company is engaged in the acquisition, exploration, evaluation and development of mineral properties. It holds a 100% interest in the Omai prospecting license that includes the past producing Omai Gold Mine in Guyana, and a 100% interest in the adjoining Eastern Flats Mining Permits. The Omai property is located within the prolific Guiana greenstone belt in Guyana, located on the north coast of South America. The Omai property consists of one 4,590-acre prospecting license granted directly from the government and held 100% by Omai Gold’s wholly owned subsidiary Avalon Gold Exploration Inc. (Guyana), and two Mining permits for medium scale operations totaling 1,519 acres are held 100% via a commercial contractual agreement with a Guyanese company.


TSXV:OMG - Post by User

Post by Newmetalson Jan 12, 2022 9:11pm
171 Views
Post# 34311021

Wenot resource

Wenot resource I am trying to understand why the stock is cheap. I looked at Wenot and cambior mining numbers.  It looks like Wenot was maybe a 4:1 strip ratio but hard to say and both pits were included so it maybe higher.  To mine Wenot requires a big pushback of the pit as well as widening the pit to 200 meter depth to begin mining. Based on the 35m tonne resource the strip ratio should be around 10:1 at least so 350 million tonnes of waste.  At $1.75 waste mining cost they need to spend $600 million moving waste material and maybe a 1/3 is the start up cost to push back the pit so $200m.   I don't think this is economic especially as the pit needs to be dewatered in addition to the waste mining.  Maybe a block cave is better? Is this why Silvercorp did not invest more money?  They need to provide the strip ratio so we can make some investment decisions as it's not fair that material info is not provided.   Also this is critical info as Guyana Goldfields has $4.99 per tonne mined per the 2020 tech report open pit so significantly higher than Omai. So they need to explain the open strip ratio and why the cost assumptions are so much lower than others in guyana.  If it's $3 per tonne than stripping costs are over $1 billion. 
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