It appears that "access fees" will be the mode of payment for "all industrial users other than Cliffs" based on the notion that the road will be built by a partnership of government and Cliffs. Junior miners do not have the kind of capital or cash flow to fund such a massive project, without outrageous dilution, so this seems like a good deal for Noront and other small companies in the Ring, to "pay as you go" once in production.

That is my take on it anyway. Is there is a more plausible explanation?

The area defined is 850m x 450m x 500m. That is somewhere in the neighbourhood of 200 million cubic meters, likely representing somewhere north of 500 million tonnes of rock. "80%" of the defined mineralized zones to date represent only 3.6 million tonnes of rock. I daresay it is not feasible to move 500 million tonnes of rock to get at 3.6 million tonnes of ore. That is why high grade veins are generally extracted underground. Today's news release certainly implies these conclusions already, as does the entire history of exploration at Windfall Lake.

This does not mean that a significant portion of the mining will not eventually become open-pit, perhaps even encompassing at least parts of this already defined resource. That is what the new drilling campaign is designed to find out.

Johnny

Good evening.

Just felt the need to curb the enthusiasm, if just a little.

The news release makes reference to 2 906 000 tonnes, yielding 822 000 oz Au in the inferred category. This is in addition to 1 665 000 tonnes in the indicated category, yielding 538 000 oz Au.

Equals 1.63 M oz.

Still, a tremendous increase over the first resource est.

Also, this refers to the entire Windfall deposit, excluding the most recent drill results. Most of the defined deposit consists of elusive zones well beneath the surface ("up to 500m deep"). By elusive, I mean that from the beginning they have been a challenge to decipher, but it appears EAG has made significant progress since they took over the program from NOT. Few if any would appear to be amenable to open-pit mining. That said, the news release makes reference to newer near-surface intersections not yet included in the resource estimate:

"In addition to the updated resource calculation, recent near surface drilling at Windfall Lake has identified gold mineralization that could potentially be extracted by open-pit. Several near-surface, wide intercepts of significant grade have led the company to augment the current program to examine this potential with additional drilling."

I stand to be corrected, but this is the first time open pit mining has really been entertained at Windfall. It is an interesting prospect, but does not have reference to any of the indicated or inferred resource so far defined.

Respectfully,

Longtime Windfall observer

Goldminerpulse has revamped their resource/reserve calculations.

http://www.goldminerpulse.com/blogs/whiteTigerGold.php

"Current version 1.07: March 28, 2011 -- corrected resource counts/valuation numbers, made minor edits and integrated comments."

It looks MUCH better this morning.

Maybe they read Agoracom!

Ok, so I've been looking at this report from Goldminerpulse and it sure does look ugly. In more ways than one.

I believe their conclusion is basically correct, but it doesn't help our cause that it was shoddily prepared. That's right. Thrown together. It is not helpful to make statements like "overvalued by a factor of at least 6 and probably as much as 10 times" when one's own conclusions are off-kilter by a factor of 1.5 or 2.

From their report: "At the March 23, 2011 close, White Tiger Gold showed a total of 341,850 oz of gold in the Measured, Indicated and Inferred categories." The report then goes on to make interesting and eye-opening calculations using this figure. Problem is, I believe that the number is plain wrong. I believe it should be 591,000 oz of gold in all categories.

The author outlines his calculations here: http://www.goldminerpulse.com/c/wtg.php

His figures do not line up with the ones published in the NI 43-101 documents he cites as his source:

It appears he completely forgot the P&P category for the Savkino project (113 000 oz; see page 5 of "SAVKINO GOLD PROJECT, CHITA REGION RUSSIAN FEDERATION MINERAL RESOURCES AND RESERVES NI-43-101 TECHNICAL REPORT Prepared By Micon International).

Furthermore, he fails to include all of the inferred resources for the Nasedkino project. He extracts only one line which is from the "Pridolinny Deposit", namely 14,480 oz. There are actually three deposits in this project for which the NI 43-101 gives inferred resource numbers. The other two, "Gora 5" and "Zhelanny" have a combined 137,000 oz Au. (see pages 8 and 88 of SAVKINO GOLD PROJECT, CHITA REGION RUSSIAN FEDERATION MINERAL RESOURCES AND RESERVES NI-43-101 TECHNICAL REPORT Prepared ByMicon International )

Now I know some will pooh-pooh this as nit-picking, but I sure don't see it that way. How can we get all up in arms about valuation if we are basing our conclusions on someone else's shoddy due diligence.

I hope minority CMM shareholders win the day, since I am one of them, but holy smack, those who publish the "facts" should at least try to publish the "facts"

That having been said, I guess I must welcome critique of my own"facts" :)

Johnny

Just a short history, FYI.

Just as WTG was readying itself for listing on the TSE big board at the end of December, they completed a private placement of just under 25 million shares for $1 per share. This is after the Russian assets were rolled into the recently acquired shell company. That in itself sounds a little rich, but then again, we don't know who the placee(s) were.

In the first few days of trading, the share price rocketed to the 6 - 7 dollar range. The TSE asked the company why. They issued a "we haven't the foggiest idea" news release (aka Material Change Report). Now we're told by the COO that it is likely a reflection of the brilliance of Finsky and his management that the "public" decided to pile in to this unproven mysterious entity.

The SP has since settled into the 3-5 dollar range with very little volume. Over 94% of the tradable shares (the private placement shares are likely not yet tradable, as mentioned earlier) are controlled by M. Finsky. The remainder may also be closely held, by insiders or others, who knows.

Can they not understand why CMM shareholders are convinced that there has been a massive manipulation here?