Brian Maher, CEO: We’re standing approximately in the middle of what will be our future open pit mining operation here at Magino. From this point right here, there will be an open pit extending about 750 meters west, and 750 meters to the east.
We’re looking at a net present value (NPV) at a 5% discount rate of almost a billion dollars. Internal rate of return (IRR): 39%. Pay back on capital: only 1.9 years. These are the types of numbers that get us really excited. We’re going to focus on that and try to pull those costs down even lower so that when this mine comes into production, it is truly one of the great low-cost operators globally and establishes Prodigy and the Magino Mine as one of the more compelling global mining opportunities throughout the world.
Sam Clements, Project Geologist: We have a very aggressive drill campaign, we’re processing 490 meters per day of drill core which then goes to a lab in Timmins and comes back here for the results. [This project is] going to go through a lot of rapid changes, going from junior exploration going up to the emerging producer mid-tier level.
So in order to do that, we need to drill out a bit further, 7 rigs turning 24 hours a day, 7 days a week, 100 meters a day. That is a very aggressive campaign and that’s a manifestation of the fact that we want to get this thing going as soon as possible because as you can see from this core sample, we know it’s there.
Geologist: I think the most exciting thing here is working for a company that is actually going from an exploration phase into production. It’s a very rare thing. We will be seeing gold some point being poured on the property.
Steven Willis, Analyst, Casimir Capital: The best place to be is in these projects that are growing. You’re seeing a project move in an evolutionary stage from what was an exploration project, it is now moving more into development. But at the same time, they’re maintaining their exploration exposure by these large metre drill programs and continue to grow their deposit.
Erik Haroldson, Geologist: The potential growth at depth current hit is only 350, we’re seeing mineralization as far as 650 meters and we also see extending mineralization along strike. We’re very excited about the potential for growth.
Brian Maher, CEO: Many things we look for that help make a deposit more amenable to mining and more economically strong: power, road, infrastructure, rail access. We have all of those here at Magino and that helps contribute to the very strong economic model we see for this deposit.
Steven Willis, Analyst, Casimir Capital: So there’s almost no work to be done from infrastructure standpoint to get the project moving forward. You can compare that to some other projects that are 100’s of kilometers away, will need power, will need water, and they’re going to take 700 million dollars to get there and many years. You know, we really like this project because it’s easy.
Brian Maher, CEO: You can see how much value this project will build not only to our shareholders but the surrounding community. This proposed mining operation could have 200 to 300 employees, good high-paying jobs, in an economically depressed part of Ontario. We think the benefit we can bring to the community and our shareholders is one of the things that makes this project not only unique but really one of the better development opportunities anywhere in the western hemisphere.
Loading more stuff…
Hmm…it looks like things are taking a while to load. Try again?