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Thanks Eric, useful feedback. Re Colombia work program,...

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    Thanks Eric, useful feedback.
    Re Colombia work program, logically:
    1/ MNC will push FS on Miraflores u/g mine, including finalising metallurgy, eg lot of gold recoverable by gravity helps. M seems a very robust development proposition, about 50koz pa for 10 years? MNC will bring a strong technical capability to optimising the economics, including shaving capex.
    Important too is that Red Eagle’s new gold mine in Colombia, not far away, now being constructed is going well. It is a similar concept to Miraflores and its smooth permitting and construction is a good omen for MNC?
    Interesting too, as the plant will treat higher grade ore (plus 3g/t) it’s conceivable that as exploration proceeds elsewhere on the MNC tenements it may result in supplementary higher grade feed for a M plant;
    and 2/ Exploration of tenements will be a high priority, especially drilling Tesorito near term.
    Based on known geology, geofiz (the big IP anomaly) and driiling to date (ie only 3 holes but all 3 holes returning long widths of potentially economic grades) Tesorito is a prime target for uncovering a 3-5moz open pit mine, ie minimum 100koz pa? This would entail new much bigger treatment plant, and might even draw feed from Dosquebradas (Batero/MNC, thus MNC will talk with Batero, starting near term too?).
    Chuscal is also a prime target, but much bigger. First issue will be clarifying tenement ownership with Anglo. The tenement should have been passed to Minera Seafield (ie now MNC). MNC have experience in tidying corporate structures (eg Calatos) and this issue seems likely to be rectified. The surface sampling of Chuscal is very encouraging. MNC talk of plus 10moz potential, ie a large open cut. Overall for Chuscal clarifying the ownership and exploration potential will not take long, maybe 6-12 months?
    Re funding, MNC could almost certainly fund Miraflores itself, including an important debt component.
    But obviously near term exploration success at Tesorito would help this funding,
    And smooth progress with Miraflores would enhance funding for any subsequent larger scale operation at Tesorito.
    Finally, as for Calatos, its time will come when ready.
    And Chile?? Mollacas etc. Logically MNC’s strong near term focus will be Colombia. And dealing on Calato is due course. So the remaining Chile assets (Mollacas, Loica, Vallecillo) may even be sold??
    Reality is that success in Colombia on 3 fronts (Miraflores, Tesorito, Chuscal etc) would completely transform MNC.
 
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