PRX 0.00% 0.4¢ prodigy gold nl

Coyote @ $1700 Gold

  1. 387 Posts.
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    Just been having a look back at some of Tanami golds announcements before they put Coyote into care and maintenance.

    There seems to be a nice little resource sitting there waiting to be mined. It is quite deep from my limited mining knowledge  but surely it would be economical to mine @$1700 Gold especially as there is a newly refurnished processing plant now sitting idle close by, a plant that ABM shareholders paid to refurbish last year.

    100,000 OUNCES @ 25.2g/t Au MAIDEN RESOURCE FOR THE KAVANAGH MINERALISATION AT THE COYOTE GOLD PROJECT

    http://www.tanami.com.au/images/asx_announcements/2013/2013-04-09_Coyote_Update_FINAL.pdf

    Below are the main terms from ABM lease agreement with Tanami

    The terms of the lease agreement include:
    • $2M lease payment for the first 12 months of production.
    • Option to extend the lease for a further 12 months for a lease payment of $2M.
    Option to purchase the Coyote Gold Mine, infrastructure and the underlying mining leases for $3M.
    • A pre-emptive right on all surrounding exploration licences held by Tanami in Western Australia.



    As gold moves higher there has got to be a possibility ABM could exercise there option over Coyote and get this into production as a way to generate some cash flow. I know that there is a lot of issues such as environmental liability's and future mine closure costs that would complicate things but the reality is, if gold mining is your business you need to be getting gold out of the ground now while the price is close to all time highs in Aussie dollars!


    I know this has probably been discussed before but would be interested to hear from Bob and other people with mining experience as to the viability of restarting the coyote mine.
 
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