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Yes - I'm talking total M&I and inferred...and yes, I'll be impressed if the number is 500K or close to it... what I was implying is, 'forget 3 million, we'll be very lucky to see 500K'. 500K total would be on the very high side. I was just pointing out that 3 million is a ridiculous number to toss around.
"I'm guessing 3 mil oz's" 3 million oz on the 43-101 at Barry on Tuesday? Is that what you're talking about, if so, you're going to be disappointed. Try half a million oz. That'll be closer to what we see on Tuesday.
"Come on dude, the infrastructure alone is worth 150,000,000. Without an oz of gold."
Speaking of 'stupid statements' here's one above. The infrastructure isn't worth a cent with out gold...and not just any gold, but profitably minable gold. The N43-101 needs to show this - that there is plenty of profitably minable gold in that Barry pit... let's hope it does. If not, I'm not sure how they're going to get the 15 million needed for the Bachelor mine.
BTW - you used 7 exclamation points after one statement in your post and 8 after the crazy typed hysterical laughter. That's not healthy 'dude'. As for the simple math - feel free to provide a demostration of your valuation of the company.
Some statements from news releases followed by my comments after the cut/pastes.
March 17: An independent firm is currently performing a recalculation of the Barry property resources. This study will permit Metanor to produce a new report NI 43-101 by the end of the month of April 2010.
April 28th: An independent firm is currently performing a recalculation of the Barry property resources. This study will permit Metanor to produce a new report NI 43-101 originally forecasted for the end of this month. The report should be available on SEDAR by the end of May 2010.
June 3rd: With respect to the NI 43-101 report, the digitalization of all the interpreted structures on sections was given to Tech2mine of Val dOr and was completed during May 2010. All the computerized data was provided to the independant firm which already began its compilation and calculation according to the geological interpretation provided by Metanor, including selective verification of drill assay results by an independent laboratory. This resource calculation is expected to be completed by mid June 2010 and the report NI 43-101 of the resources of Barry should be given to Metanor in June 2010.
Posted by SimplyTheFacts who talked to Ron Perry June 22nd: They still have not received the report (so there goes my beer), I mentioned whether we could expect it in July and he said he is still hopeful to have it out by end of month. There will be more drilling after this at Barry, he said they will outline the structure with this 43-101, it is open in every direction, so they will drill to increase measured and indicated numbers.
I suppose there could be a number of reasons that the report has been delayed over 3 months already. Call me a cynic, but I can't see it being for positive reasons.
The ultimate problem with MTO is that management has a nasty tendency to say things they shouldn't. I've found they are overly optomistic (particularly with regard to timelines and finance) and a bit cavalier in their comments. Management of any company should always be as objective as possible. Again in a July 10th news acticle Ronald was quoted as saying the Barry deposit has the potential of a sereval million ounce deposit. What's this statement based on? Surely not Ron's expertise as an accountant? It's the same as prior comments about their being an "elephant" at Barry. These are hype comments in my opinion. Let the facts do the talking. It's the same with production. They have yet to deliver on any production promise and now Ron is quoted as saying they want to produce 125K to 150K ounces by 2013. Again, this is a hype statement - they're not even going to hit the 30K target for this year (which by the way if you go back a few years and look at their presentations, was planned to be much higher than 30K by this time). Last year they stated they'd be taking ore out of Bachelar this summer... now this summer (July 10th) they're quoted as saying they need 15 million dollars more before we see an ounce of gold from Bachelor even after all the PPs done in the last 18 months - all done in the name of getting Bachelor ready. Someone posted on this board they were told by management the recent PP was opportunistic - I've been told the exact same thing directly by management about previous PPs in years gone by while during other instances being told they need no further financing.
It would be nice to see an amazing N43-101 when it does come, but I doubt there'll be anything too spectacular - the share price is unlikely to move significantly like many on the forums are hoping for - just my thoughts.
METANOR RESOURCES INC.
TSX VENTURE: MTO
Metanor Resources Inc. Announces a Private Placement
VAL-D'OR, QUEBEC, CANADA--(Marketwire - Nov. 24, 2009) - MetanorResources Inc. ("Metanor" or the "Company") (TSX VENTURE:MTO) announcesthat it has signed an engagement letter with Laurentian Bank SecuritiesInc. (the "Agent") to complete a private placement for a gross proceedsof $4.0 million (the "Offering"). The private placement will consist of3,400,000 units (the "Units") at a price of
.50 per unit and of4,000,000 flow-through units (the "Flow-Through Units") at
.58 perflow-through unit.
Each Unit will be comprised of onecommon share and one-half of a common share purchase warrant. EachFlow-Through Unit will be comprised of one common share to be issued asa "flow-through" common share and one-half of a common share purchasewarrant. Each whole common share purchase warrant will entitle itsholder to subscribe for one Common Share of Metanor at a price of
.65per share for a period of 24 months following the closing of theOffering.
Metanor will use the net proceeds of theprivate placement to increase and upgrade its mineral resources on itsBarry property, to advance development activities at Bachelorproperties and Bachelor Lake Mine, and also for general corporatepurposes.
The proposed private placement is conditionalupon preparation of standard documentation and regulatory approval,including that of the TSX Venture Exchange. Closing is expected to beheld on or about December 11, 2009 or such other date as the Agent andthe Company may determine.
Under applicablesecurities legislation, the securities to be issued in the proposedprivate placement will be subject to a four-month hold period.
TheCommon Shares and the Common Share Purchase Warrants comprised inthe Units and in the Flow-Though Units, have not been registered underthe United States Securities Act of 1933 (the " Act") and may not beoffered or sold absent of registration under the Act or an applicableexemption from registration requirements thereof. This press releasedoes constitute an offer to sell or a solicitation to buy, nor shallthere be any sale of these securities in any jurisdiction in which suchoffer, solicitation or sale would be unlawful prior to registration orqualification under the securities laws of any such jurisdiction or anexemption there from.
Neither the TSX Venture Exchangenor its Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
105,807,778 outstanding shares
Yes - I think that's probably a good summary - the question is: why didn't an alarm sound when the cage hit the water? Was there no alarm system in place or was there one in place and it failed to work? The same goes for an alarm system on the 11 and 12th levels... you'd think there'd be some sort of system to notify the surface if water levels go beyond a certain point.
I also can't help wonder how fast the cage descends down the staft. There's a system in place for the guys in the cage to communicate with the operator... obviously they had very little time to do so. It must have been seconds before the cage was submerged.