lots of new shares issued to cover the deal

Targeting multi-million high-grade oz. in Quebec

Windfall Lake Property, located near Val d'Or, Quebec: Indicated 538,000 oz. (10.05 gpt) / Inferred 822,000 oz. (8.76 gpt) (July 2012)

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joe

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lots of new shares issued to cover the deal

posted on Aug 15, 2013 04:23PM

by my reckoning the outstanding shares is now probably close to 400m, but math was never my strong point. Feel free to correct me.

Based on the old estimate of 538000 and 822000 oz gold and on a retail of $1,300 an oz it still aint a bad deal of course it'll all depend on the all in extraction costs per oz.

In it's favour is it's high grade and close to the surface. I'm guessing that the new owners wont be inclined to do a share split right away and that Ned will be marketing this mine to a number of major players. A lot of them have probably been sniffing around already.

Of course if Quebec insist on passing the new mine act everything is off the table.

I wonder what the golden handshake was for Kitchen and Ruth to take a hike, anyone got any ideas?

Holding long and looking forward to the next months

GLTA

Joe

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