To this I would add, when we thought we had half as many shares we were looking for trucks to move with a minimum of 15 grams per ton. Now we are looking at trucks moving with around 150 grams per ton at this time and two additional mines in the process of being opened, a possible JV working on the NP for 1st quarter of 17, and the knowledge that we have grown Medinah’s ownership of AURYN which is subject to more growth while at the same time reducing the newly determined outstanding shares. I’m not saying it’s perfect but the numbers almost appear to place us in a better situation than we looked to be back when we were talking about 15 grams per ton and the share structure can only get better from here.
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Yes, and another, shorter way to look at it is we suffered dilution by TWO TIMES, but our grades have increased by TEN TIMES (if they hold up).
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And this is just 1 vein
Only scratching it IMO
Speaking of the Pegaso Nero …
Copper porphyries are huge. The mid-tier Freeport-McMoRan has been looking into the PN for the past 14 years, but there were impediments to the claims, a few of which are still being ironed out by MASGLAS/AURYN. Speaking of Freeport-McMoRan Maurizio said we may hear something as early as 1st Qtr 2017. As a courtesy, and with Freeport-McMoRan’s approval, Maurizio had informed two majors of their negotiations with Freeport-McMoRan because of their past interest in the deposit. There was a question in my mind whether this deposit if shown to be so large, with such a high CAPEX, that there may be several possible JVs involved in sharing the project.
With regards to the 5,000 tons/month Maurizio said it was not likely they would mine that amount, initially. It’s slow going. Because of the unusually high gold content that is being uncovered, Maurizio was optimistically projecting their 5,000 ounce goal could be met well before the end of the year (did he say 1 month?) and with much less than 5,000 tons of ore mined. Also, they will be testing the 1st three 15-20 ton truckloads to see what method yields the most efficient economical recovery. Although gravimetric concentrators yield 100x ore concentration it is not a given these will be used. Mined ore may simply be shipped for processing. It should not take long to fill three trucks and determine the most efficient recovery method selected.
The big surprise (disappointment?) was that the Fortuna was not that far along in permitting, and that open pit was not a given as some had surmised, including myself. Preliminary projections were disclosed for the Merlin I vein as 491,961 oz averaging more than 1 oz/t. Preliminary estimates on the Fortuna for 5 veins were 172,427 ounces. As previously reported, the preliminary total estimate given was just for Merlin I and the Fortuna - 664,389 ounces, WCD!
As an aside, Maurizio disclosed that MASGLAS had acquired mining properties 11 KM North of the Caren which may be part of the same geological formation. Just thought I’d remind everyone of the size of the ADL with an old graphic posted by MikeG. Maurizio stated the Chuquicamata mine, the largest Chilean open pit copper mine, could fit within the confines of the area encompassed by the Caren/Fortuna mines. Will the PN prove to be of similar size as Chuquicamata? Much too early to tell. It is anticipated that 10,000 M of drilling will be undertaken.
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I asked that very question of Wizard immediately after the Q&A. I was told all reports of stockpiled ore were complete fabrications from JJ. All reports of ore being processed were also all smoke, no fire.
JeffS
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That’s to the best of my knowledge other than small samplings.
For me it is MUCH easier waiting two years KNOWING what is really going on instead of THINKING that I knew but always with suspicious feelings about whether I could trust what we were being told. Now those feelings have been confirmed, the clean-up of JJ, LP & friends is at hand and we have MUCH more REAL VISIBILITY of what’s inside the mountain.
After 11 years of the JJ & LP circus, if it only takes two years to clean up the share mess while Auryn continues to prove up the mountain and bring in revenues I’ll be content to sit back and ride a wave of relative contentment. 
I can tell you it goes a lot faster when you distance yourself from it a bit if you can.
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Thanks TR for your feedback. I value it very much…I “guess” I am willing to wait another two years, as long as I can see the light at the end of the tunnel. That means both on the mountain (which I am sure I will) and in the share price. (not so sure) I just do not want to linger around .01 for the the next six months. Even if the three million shares outstanding were permanent, (maybe it will be) I feel we are currently undervalued. Especially when you look at how far we have come, and the considerable monetary investment and commitment Auryn has made. Yes, the future could be bright. Plus, which has already been pointed out, any shares that are clawed back will be a huge bonus!!!
Thank you Jeff! How do you explain this video then? What happend to this ore?
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QUESTIONS
Near end of the meeting Maurizio said feel free to email any further questions they didn’t get to, that they could not reply individually but would address them collectively as possible in some kind of public release, I assume.
Maurizio would only concern himself with Auryn issues, but the MDMN board might be able to answer more on some of our corporate structure issues.
This email would be the contact for all email for both companies so if you asked questions here for which you didn’t get a satisfactory answer, write here:
It goes through our communications director, wiz.
ir@medinah-minerals.com##
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It is just as easy to lie with pictures.
What ore?
Since no one can see what, if anything is in the bed, then one might explain that both videos are training exercises for future Waste Management drivers.
Lmao excersise for waste management drivers. Thanks for the laugh!
I appreciate that mangelsen. I’m sure plenty of people are dreading another potential two years of waiting. I’m just willing to wait that long if that’s what it takes. I’d love for things to move more quickly. Perhaps Les’ incompetence will for once actually work in our favor and he’ll have been so careless in his deception that it will take a fraction of that time.
As for the 3B outstanding being permanent, well I’d have more of a problem with that since my basis is about a dime. The market would need to perceive MDMN as being worth over 300 million for me to be profitable. I’m much more comfortable shooting for half that, and the lower the OS the better for us all.
I can’t say I share the same perspective as you as far as clawbacks are concerned. Anything that was done illegally to the detriment of shareholders and then is undone will be viewed by me as “justice”. I certainly wouldn’t see it as a “bonus”. I tend to use the word “bonus” in the context of something being added to something that was good in order to make it better. I view the clawbacks as something that absolutely should be done, as it was done deceptively and illegally and must be rectified. I know if I ever discovered I bought shares that turned out to be issued with this kind of malevolence I would return them and of course I’d go after Les for my money.
I guess one bonus might be that, if we are to eventually begin receiving dividends, hopefully it will be on a regular basis and continue on for years to come. Then I won’t be as concerned with the share price because every dividend payment will essentially lower my cost basis.
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For those interested, been busy lately getting married and traveling in Europe. Many thanks to those reports from the meeting…sorry I couldn’t make it this time. Will be back in a week. Pic from snowy Romania.
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I think this is one of the best piece of advice ever given!
Tku Rich and I surely can!
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