IMG offer I have been a shareholder of VSR for many years and I personally hold more than 1M shares in the company. IMG's offer is not the best in the world but it is a decent and realistic offer in the current circumstances. Difficult mining market and difficult mining project.
Nelligan is not an easy deposit:
1. Indicated and inferred resources (no reserves and no proven / probable resources at this time)
2. Will need lots of drilling and time to built gold reserve
3. Low grade for now - 0,87 g/mt Au
4. Low recovery – around 80-85% at the moment
5. Several ten meters of overburden
6. Presence of small lakes and a large river to the north of the project
7. 20 km road to refresh and 10 km road to build
8. Power line of more than 7 km to be built
9. Far from mining infrastructure
10. Production impossible before 2032-2033 (if this is the case)
11. Investment of more than $1.2 - $1.5 billion US (estimate)
Also, as a major shareholder of VSR, I prefer to progress with the IMG company which offers several advantages and security. I also believe that IMG will be the target of a gold predator in 2024. This is when I will realize the full potential of my actions.
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