HAV 4.76% 22.0¢ havilah resources limited

Portia Iceberg

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    Per the above Portia Update Q&A video, the Base of Tertiary ('BOT') layer is now all exposed for bringing to the gold ore stockpile pad on the surface by CMC, for HAV to process through its Portia Gold Processing Plant.

    Peter Strachan in his 2 December 2015 Research Report ( see link below) had a range of 50,400 ounces to 74,100 # ounces of gold just for the BOT layer. HAV's share being 50% of gravity recoverable gold:

    http://www.havilah-resources.com.au/pdf/StockAnalysis_Special_Edition_on_HAV_2_Dec_2015_sv.pdf

    IMLTHO, at a minimum HAV's share just for the BOT layer gross gold sales revenue is a guaranteed $40 million.

    Based on Peter Strachan's maximum 74,100 ounces of gold, HAV's share of the BOT layer gross gold sales revenue would be $63 million using current spot and hedged gold prices.

    IMLTHO, the above excludes the significant upside potential from HAV's share of the gold in the weathered bedrock below the BOT:

    http://hotcopper.com.au/threads/pet...get_post=true&direction=previous#.V4d03lefegQ

    As State One indicated in its Havilah Research Report dated 12 July 2016, “We believe the likelihood of a Resource extension is high, with high-grade bedrock intersections recorded in a 2006 drilling programme. A Resource extension of some 45-50koz Au is a realistic exploration target in our view...” IMLTHO, this equates to a range of $78 million to $87 million using current spot gold prices based on 100% gold recovery. The above gold revenue would be split 50:50 with CMC (assuming it is all gravity recoverable).



    “Watch the Portia page because there could be some pleasant surprises there which might extend it!” (Dr Chris Giles at the 5:33 minute mark on the above Portia Update Q&A video)





    Cheers

    These are only my random thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts

    # Havilah's share of additional gold revenue from Portia is subject to a success fee to Investec. This fee only applies if production exceeds 50,500 ounces of gold in total and is capped at a total production of 80,000 ounces of gold.
 
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