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Resource Intelligence speaks with Prodigy Gold's Brian Maher and Kimberly Ann Click HERE to watch video Click HERE evaluate the particular Magino Mine project and do more research about Prodigy Gold at RI Analytics.
RI: I'm Doug Hadfield and you'best system trading software @ Cambridge Residence, resource investment conference. My guests are usually Kimberly Ann and Brian Maher from Prodigy Gold. Prodigy has done an incredible job inside the last year, taking the Magino Mine towards the preliminary fiscal assessment stage, and also increasing the particular reference simply by more than one-million ounces. Thanks for being here.
RI: You're discussing two-million oz., right now the life of my very own would be 1.5 million? PG: That's correct. The key perhaps the feasibility study 's what we are targeting there. All of us think through the infill drilling system all of us can have a two-million ounce mineable deposit that on an twelvemonthly schedule are going to be getting out there 200,000 ounces per year. The current PEA envisions 160,000 ounces which gets to the reason why that infill drilling program is so important. We're getting rocks which are currently modelled as waste materials and turning them into mineable resource. Which lowers costs and boosts the number of oz within the program. The infill system is very important and that you should a major catalyst for the company through the summer months and into the end of the summer. Make the best use of life by learning and reading as much as possible. read about things unknown, and more about things known, like about Gold.
RI : Wherever else are you viewing growth in the future for Prodigy? PG: Everything we have been speaking though, the PEA, the particular pit and the infill plan it's all devoted to a really small part of this mineralized system. The fact is that individuals have drilled holes going down to a 600-metre depth that opens up in which entire area for source growth. Below 600 metres, all of us haven't also seen a drill intercept however. We all know scalping systems may lengthen 1000s of meters. We look at the Magino open pit that we've been talking about today as just the beginning of the story together with a tremendous amount of forex education: its benefits to stock market people with the rest of the project. Ignorance is bliss they say. However, do you find this practical when you read so much about Gold?
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PG: It had been simply a case of our own geologic team. When they started looking at the data for the venture and knowing that around these high-grade chutes there were in reality large volumes of lower grade material. Simply because in the data, they will found management as well as stated we like this project and not as an undercover opportunity but since an open hole opportunity which will probably have additional great economics.
RI: You just done a very outstanding private location, when it concerns the forex, what's all the hype about?. PG: That was extremely fortuitous for us. We now have been very active marketing the company and telling our account but all of us felt that since i was a company that has been evolving rapidly that it would be a non-traditional financing. We did it at market price and there has been no guarantee involved. The original amount has been for $20 million by having an overlap that could drive it up to $25 zillion . We are viewing it being completely fell and that we will have the total $25 million at hand. We are doing it in a manner that is minimally dilutive to be able to the business but giving us the financial ability to take the venture all the way through to feasibility by the conclusion of Q1 2012. life is short. Use it to its maximum by utilizing whatever knowledge it offers for knowledge is important for all walks of life. Even the crooks have to be intelligent!
RI: One of the things that really altered the whole dynamic for the Magino Mine project is that you went from as an underground type of project in order to an open hole project. When it concerns exactly how you made that decision?
RI: Lets talk a bit about the latest exercise results. These programs are usually huge, over 200 meters in lots of instances with grades of 1 gram per tonne? Whenever one reads any reading matter, it is vital that the person enjoys reading it. One should grasp the meaning of the matter, only then can it be considered that the reading is complete.
PG: Infill drilling needs to be accomplished simply by the finish of August and we already have got four drill rigs out there. We are trying to get out our 43-101 estimation update at the end of the project, by September, and then revise our PEA showing those numbers. We've been talking about that all summer lengthy and now we really believe hitting those signifies is the most important thing that we can do for our shareholders to gain their rely on.
RI: Your burning ratio will be very low in comparison to others also it maintains costs down? PG: Absolutely. It is 2.8 projected life of mine and we expect to note that coming down to two as we complete our infill positioning plan.
PG: Our own peer party is about $180 for each ounce and we're down from $57 per ounces but we are continually putting out news flow which documents our own progress towards production and by doing so the market will begin recognizing that individuals should be valued more much like our expert group and I believe that will be the large share price driver in the on its way months.
RI: You've got a few truly great support, one is from a banking syndicate that has been divine word college in your case and the other is from analysts you have watching you. The thing that was the banking syndicate made up of?
RI: When it concerns that feasibility study, the definition of your own targets? PG: What we should wish to see is a 2-million ounce mineable put in as a minimal size. That will generate a throughput rate of about 200,000 ounces per year and when you get to those kinds of thresholds you're starting to speak about a significant exploration functioning. Whenever we reach two-million oz as well as 200,000 oz per-year production rate, that becomes a substantial mining operation that gets investor attention and other companies' consideration. It determines all of us as one of the up-and-coming gold producers in Ontario and Quebec.
RI: The things I really such as about the business and the venture to date is the pace. In twelve months you've accomplished so much. What are the upcoming goals to operate toward to see that is going to continue?
RI: I want to talk about the significance task. Within your corporate demonstration Prodigy has $57 evaluation every ounces which can be quite low when compared to industry standard, what does that mean?
PG: Yes, these amounts are all coming from the infill drilling system we now have been talking about. I think that is the key going forward through the summer time weeks. When you're seeing 100 in order to 400 meters of solid gold mineralization in the program, it really is demonstrating that we can develop the particular assets and also demonstrate the continuity in the deposit. These are all things that from a specialized part are usually extremely important resources but for the PEA but for investors each one of these push secretes will be a definite benchmark documenting improvement coupled that path.
PG: The financing which we just introduced has been led by Casimir Money yet I think if you look at the depth from the syndicate it really exhibits the power that we are seeing in the marketplace. All of us also had Paradigm participating and also Byron Funds Markets as well as Macquarie and National Bank Economic also. This is probably among the stronger syndicates you've observed in recent financings. In which puts $25 thousand into the treasury provides for us $30 million inside the bank. It is those sort of us dollars giving us a extremely effective device to make use of in case there is certainly acquisition possibility. We are positively looking for acquisitions to possess a marriage along with another task that is like the one that we're working on.
RI: What about a prefeasibility for feasibility study, is might the cards? PG: Our own target is by September or perhaps October undertake a fully uptodate PEA and it will probably be a quite strong comprehensive insurance however realistically, because of the advanced nature of the project and how much we already realize about it, we expect every emmanuel christian seminary which right to complete feasibility study that individuals expect in Q1 2012. Thinking of life without Gold seem to be impossible to imagine. This is because Gold can be applied in all situations of life.
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