“The Golden Rose Mine has an indicated resource of about 175,000 ounces. The shaft is about 850 feet, and on the 3rd level we drifted off into an area where we started encountering ore—and the drill holes had indicated there was no ore. So far we’ve got about 100 feet in width and it looks like it has a depth of three to four metres. And we’re still in it. Which tells you that this sort of deposit should be drilled for structure and drifted for grade. We’re very pleased with the assay results. They are consistent with the grades. Certainly we never expected to encounter the ore zone in that area. We see more excitement coming out of it.
“We’re also currently looking at a $16.5-million loan to put in a shaft capable of lifting 1,500 tons a day. Once we close the loan, it would take about 18 months to sink the shaft and do the development work.”
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