Grandich comments on Oromin (finally)
Grandich Client Oromin Explorations – Going for “World Class” Gold in West Africa
The global search for ‘world-class’ gold deposits has transformed West Africa into one of the fastest growing gold production and exploration area in the world, thanks to the efforts of visionary companies such as Oromin Explorations Ltd. West African gold production has increased by 53% over the past decade and the region continues to generate multi-million-ounce gold discoveries at a time when similar discoveries are declining in more mature mining districts, notably in the Americas and Australia.
Oromin may not have the highest profile or market valuation of the rapidly growing list of West Africa gold explorers — having focused more on drilling programs than self-promotion — yet has achieved a track record of success that warrants serious attention from industry and investors. Within the past five years, the company has elevated the OJVG Gold Project in Eastern Senegal from a grassroots prospect into a potnetial near-term gold producer with truly exceptional long-term exploration upside.
A positive feasibility study completed in mid-2010 examined a proposed open-pit/underground mine that would produce 174,000 ounces of gold annually at cash costs of US$409 per ounce in the first three years, with payback of capital (US$291 million) within two years. But this study doesn’t reflect the project’s full potential as it was based on only five of nine deposits discovered to date. It doesn’t include results from subsequent drilling of these five deposits, drilling at four other gold deposits not included in the study or drilling results from several new discoveries.
Oromin is continuing a dual-track strategy to advance the OJVG Gold Project. On the one hand, ongoing drilling programs and value engineering studies are focused on upgrading and expanding resources and examining opportunities to improve project economics, including potential heap-leach processing of oxide mineralization not included in the feasibility study. But the company is also focused on generating new gold resources within four deposits not included in the feasibility study and within multiple priority exploration targets, including two recent bulk-tonnage discoveries. The estimated budget for this work to mid-2011 is expected to exceed $30 million.
Oromin plans to release an updated resource estimate in Q1 2011 that is expected to boost current resources totaling 3.17 million ounces of gold in the measured/indicated category, plus another 0.33 million inferred ounces. (The current probable reserve contains 1.42 million ounces.) But as before, this will represent only the tip of the proverbial iceberg. The OJVG Gold Project has extraordinary potential for resource growth in the years ahead. It’s also a potential takeover target, particularly now that two West African gold producers, TSX-listed IAMGOLD Corporation and Mineral Deposits Limited (MDL) of Australia, have each acquired toehold (roughly 15%) equity stakes in Oromin through recent share purchases.
Oromin was an exploration pioneer in Senegal, attracted by the West African nation’s favorable mining laws, tax and royalty terms, including a minimum 7-year tax-free status. But the biggest draw was highly favorable geology hosted within the same Birimian greenstone belt as the producing 35-million-ounce gold camp just across the border in nearby Mali. Today, Eastern Senegal is an emerging gold camp with one producing mine and approximately 12 million ounces of gold discovered to date by various companies, including Oromin, MDL and Randgold, among others.
As operator of the OJVG Gold Project, Oromin has defined nine gold deposits and multiple exploration targets within a NNE-trending 8-km-wide structural corridor that runs the entire 22-km length of the property. The western side hosts five lower grade bulk-tonnage “Masato Style” deposits and targets similar to those being exploited at MDL’s adjacent open-pit Sabodala Mine (3.5 million ounces in gold resources and 1.6 million ounces gold reserves). The eastern side hosts four higher grade “Golouma Style” deposits and targets with both open-pit and underground potential, similar to mines in West Africa and Eastern Canada’s famous gold camps. These mesothermal-style shear-hosted greenstone vein deposits are known to extend to great depths — up to 2.5 kilometers in the case of the Obouasi Mine in Ghana. Oromin believes that its Golouma Style deposits have potential to extend to at least one kilometer in depth, well beyond the limits of their existing combined resource (1.2 million ounces gold) defined to roughly 300 meters vertical extent.
The bulk-tonnage “Masato Style” deposits have exploration upside as well, including at Masato, the largest of the five oxide-rich bulk-tonnage deposits and the only one included in the feasibility study. What’s interesting about Masato is that it also has potential for deeper higher-grade mineralization, as shown by recent intervals drilled below the modeled open pit, notably: 6.47 g/t gold over 23 meters; 2.18 g/t gold over 43 meters; 5.7 g/t gold over 9 meters and; 7.89 g/t gold over 7 meters. Two new bulk-tonnage discoveries, which Oromin believes may collectively prove to be larger than the current Masato open pit, offer additional resource potential. Beyond all this, Oromin sees long-term potential to generate new resources from multiple early-stage exploration targets of both types, including some that are yet to be drill-tested. The Company’s management team is no stranger to world-class precious metals discoveries, having played key roles in the discovery and development of the Hemlo and Eskay Creek mines in Canada, and the immense Petaquilla Cu-Au-Mo Project in Panama (now under development by Inmet Mining).
Oromin has also earned its reputation as a socially and environmentally responsible company. Community consultation and social programs conducted over several years have led to strong government and local support for the OJVG Gold Project.
In early 2010, the Government of Senegal granted OJVG a 15-year renewable Mining License, paving the way for construction to begin in 2011 and plant commissioning in Q4 2012. Oromin has achieved many other major milestones in the past five years and is finally starting to receive the recognition it deserves for its vision, hard work and technical excellence. It appears safe to say that the best is yet to come for Oromin.
Calihe—-(or anyone else also)..Any new/different thoughts re potential buyout shareprice assuming no more dillution…..I now believe shareprice will be in the double digits and still believe buyout could come by end of Q-1 after the Resource Update….
IMO the Q-1 Update will include all drilling through end of year 2010 so probably not going to be released until Feb/Mar timeframe…..Assay reports from Q-3 drilling should be released next 2-3 weeks and should give us good indication if Q-1 Update will exceed five million ounces and push another five million blue sky…
nothing will happen until after the PP closes Nov 4….
Arlene – Why is it do you think that we see relatively good news from the Oromin Camp and we see the stock price plummettttttttttt?
What makes you think we could see double digits by Q1 2011 when this stock has just been a dog. You are always so upbeat ove rthis stock lately and I just have to ask why….We have seen so many positive things and yet we just keep getting pounded….
So many are happy that the stock is at $1.20 today when we must look and say that if we pounded all of teh numbers together we should be knocking on the door of $7 or $8 a share today – Yet we are once again pounding on the $1 a share pricing today…
What makes you feel Chet has any indication of letting this Company climb to new highs any time soon (next 5 years)
Thank you Arlene, Would love to talk to you through email and pick your brain a little if that would be possible!
DW
DW—I have discussed those reasons on this website before, but a brief recap of my opinion end of Q-1…1)five million plus proven ounces 2) another five million in the blue sky arena 3)spot gold $1500 per ounce 4) price of gold in ground is significantly increasing 4) majors will look at and take into account blue sky numbers as large discoveries such as Ole has are becoming more rare 5) majors MUST replenish reserves if they are to survive 6) Ole’s FS is current very good and likely to get even better with the $ 30 million study 7) Ole now drilling higher grade deposits 8) even more new discoveries are most likely as this property is a great (and large) concession 9) As Grandich said , this is just the tip of the iceberg……BTW Ole share price did not plummet on any news from Oromin…..and Chet is doing an excellent job positioning Ole for the buyout….
DW—On the other hand Ole’s marketing/promotion STINKS…Your attitude that this stock is “a dog”exemplfies that…
Thankyou Arlene!
Double digit share price is just Arlene poking fun and playing. This company never sees the $4.50 it once did 5 years ago.
GUARANTEED
AB
AB—If I misled you , I apologize…..No I do not think shareprice on the exchange will ever reach double digits UNTIL the buyout comes close to being finalized….I meant the buyout shareprrice in my above posts….And YES I do believe it will most likely exceed $10/share…
AB—I am aware that the “markets” do not take into account “blue sky” , but I do believe the majors will take that into account with Oromin as this concession is huge and loaded with gold…This size discovery has always been somewhat rare and today it is extremely rare…Buyout will be in excess of $10/share and , as you say , GUARANTEED….
Arlene,
Thank you so much…That is what I was looking for and it so deeply appreciated…I was hoping with the previous “DOG” comment it would stir the pot a bit and someone would speak out which did not happen, SO, I asked! And you delivered…Very deeply appreciated and you articulated your comments very nicely. I too, agree that this is a boomer with some excellent upside potential, but as you stated Chet has done a marvelous job of setting the stockholders in a hole – and I hope when the time is right, he pulls us out and shows us the light….
Again Arlene, Thank You!
DW
Great discussion, everybody especially Arlene. However, I have to sadly lean more in the direction of Andy’s comments. A $10 buyout would give the OJVG a value of around $3 billion based on 140 million Oromin shares. $1.4 billion for Oromin, $1.4 billion for the Arabs & the rest for the Senegalese holders. Randgold, for example, is currently valued at $US8.5 billion.
The buyout must happen before the current 6 month drill program finishes. Otherwise, more financing will have to occur and the dilution downward spiral starts again. New ounces found will encounter share value diluted away – wheels spinning. Deep drilling is very expensive and time consuming but that is where the big 5, 10, 15 million ounces reside: DEEP! Unfortunately it will be the new owner (after the buyout) that reaps the benefits of these ounces not the current downtrodden retail shareholders. For example, Randgold doubled the resources at their new deposit in the DRC just one year after buying.
I doubt if Randgold would pay more than $3 or $4. Maybe Barrick would pay more with their African Barrick stumbling. So bottom line, I would absolutely love to get $3 tomorrow and redeploy the funds into other promising explorers and/or miner with a management that knows how to & is willing to do proper promotion. A lot of the value of this great property has already been diluted away, never to be regained. On the other hand, I also believe in miracles.
Good Discussion…. dont know where it all ends, but for now… I’m just hoping we get past the $1.30. when Nov 4 is over…. btw, if you Google Oromin or west African Gold Companies,,,, PG’s great/new article comes Up. World Class Gold….. So, hopefully many many will see and read this. But i do think w/ some momentum to over $1.50 we could get to $2. But the Co has to help w/ some Price Drivers. NR’s, announcements etc….. I think the MDL IPO is gonna help…. and i’ll say here now that that is suspiciously Quiet !! Not a word for such a big important Regional deal…. Originally Limb said it’ll be done in Oct……..I bet it doesnt happen, cancelled, or theres a Buy Out prior……
Chet aint going away easy. He’s just getting started. With the Saudis, and seemed to be easy PP money…. he will keep proving Gold till well over 5 mil oz.
And isnt this $30 mil to prove the Blue Sky? I say maybe a B/O 12-18 months away…. when he can say hes got 10 mil oz total . 5-6 Indicated and 4 BS. And i do think he’ll get a Big Price. Like $2 or $3 billn. But at 200 mil diluted shares. $3 bln gets us $6.
Goldfather, did you forget the 43.5% ownership?
$3 billion values the OJVG at almost $7 billion. Today Randgold is only valued at $8.25 billion, for example.
Whoops, posted too quick, your calculation indeed figures the % ownership. Still rich though, for example, Semafo, SMF.to is today valued at about $3 billion and they are in production at 250,000 ounces annually and absolutely minting profits. SMF is west Africa, so a very good comparison.
SoCal… well i am thinking about the Potential 10 mil oz. Thats a lot of gold…. and could be more. But i used a quick reference to the Andean deal at $500 p/oz…. The Total oz count carries a lot of weight I think. Maybe Chet gets $400 p/oz indicated, and half that for the 5 mil BS…= $3 bln…. but more practically at a $2 bln #…. giving us a $4.50 #… and thats w/ a lesser diluted 175 mil shares. I see another 2 PP’s coming in the next 12 months….. but again, Chets not going anywhere…. and until the Saudis agree to sell, ther’ll be no B/O. And until Chet can tell his Bosses how much Gold is in the Hills… they wont sell. Thats gonna taqke a while… and as we have painfully found ,,, chet loves flying all oround the world playing CEO and Mr Mining Man on a nice big pay chek.
But if the sp would act accordingly…. i dont care.
Goldfather—I think the Andean deal came out at $500 per ounce based on proven ounces only…..Of course other factors were taken into account for them to pay that much for proven ounces including future potential …..With the future potential of Oromin being so huge and price of gold going to be a lot higher in Q-1 2010 than when the Andean deal happened , I don’t think $500 to $600 per proven ounces is totally ridiculous for Oromin….and what if it happens before any more dillution???
Goldfather, why are you attributing so much influence to the Saudis? Couldn’t a hostile bid of say $3 or $4 dollars for Oromin alone be made by someone? Especially if Teranga was offered $1 billion in a buyout at the same time, picking up 15% of Oromin owned by Teranga. I don’t think Chet or the Saudis could stop this. The various funds that sold to MDL were happy to give up their shares of Oromin at $1.16 just a short time ago. This wouldn’t get over 50% without the Saudis but it might give Chet a shock – Oromin was surprised by the MDL buy.
Still no Teranga preliminary prospectus on Sedar as promised almost a week ago in a press release. Very strange but very interesting. The shareholder meeting at MDL to approve the Teranga spin-out is scheduled for Nov. 7.
SoCal……. see, somethings goin on w/ the IPO…. yes very interesting….. hope its good for Saudi-Ole’.
but on the Saudis… jimo… i think the (43% only )spooks the majors. They’re not gonna pay the price for a minority position. Also…. i think chet has some booby traps planted. Something about the actual title of the property. Just like a House… it needs to have clear title, and the somewhat complicated arrangement w/ Bendon and Badr on ownership is enough to spook em. Just what I hear. And that shareholders rights Plan he installed to fight a Hostile take out is somewhat of a ploy. But i bet he’d have trouble getting the troops to back him. I bet they’d go for a $4 b/o……But the Saudi’s are calling the shots,,,, and will hold any one Hostage if someone tries a B/O. If they dont like the buyer or the deal they wont sell….. and i keep going back to this…. that Chet/ Saudis dont know how much Gold they Actually have …. so they dont know how much to Ask $$ or Take for the Project. Makes sense doenst it?
Hoosier1….Feel free to join in this guessing/speculation discussion…..You almost aways have very interesting/intriguing thoughts and ideas that give us lots of “food for thought” …..We all would like to read whatever they might be…
Thanks alot Arline…. you mean you dont find my thoughts and analysis interesting & intrigueing ?? lol lol
I think Social had a good comparison in Semafo…look at them Companywide …
Total Mineral Reserves & Resources are 4,987,100 ozs (just shy of 5M oz)
Outstanding Shares: 251M
Share Price: $11.5
This is across 3 countries in West Africa
OJVG has 3M oz – which is just the start for which we all know will exceed 10M oz
Half as many shares
And its ALL located in one concession in Senegal.
Andean Resources was aquired by Goldcorp for $3.6B… Andean’s corporate resources – indicated & inferred was 3.1M oz of Gold; 25M oz of Silver..
I posted previously this conversion – right or wrong – that silver is trading at 1/55th (one fifty-fifth) of gold…so divide the 25M by 55 to get approx equiv value of gold which converts to 500k oz…so valuing out in gold, Andean has 3.6M oz of gold value..
Andean was purchased for $1000/value gold oz.
OJVG is strategically better than all of the others, and will have way more resources… OLE, right now, should be similar to SMF in share price value… I can see OJVG getting $1000/oz on 4 or 5M oz…resulting in OLE share price of 12.5 to 16
If they can’t get that, then it begs the question, “Why sell?”
For only $291M (per the FS), they can build the mill, and then would be a gold producing twin of Semafo…trading at 11.5
OLE is “sitting on a GOLD mine”!!! 🙂
h1
Hoosier and Socal….. Semafco is a good comparison. At the $11.50 sp and the Twin Comparison…. what about the 40% ojvg ? is that figured in…. or is it 40% of the $11.50 sp which is $4.60-…. as a Comp sp w/ Ole ??
GF:
A sp of 11.5 for OLE results in an approx value of $3.5B for the OJVG concession.
h1
hoosier…. so that figures out to abt a $9.25 sp doing the Ole math and current sahre holder count of 150 mil. Is that what youre saying on the semafco Comp?
The 40% ( 43.5%) confuses it.
I used 135M shares
11.5 OLE sp times 135M divided by .435 equals $3.56B
give or take…
h1
Socialbernie/Goldfather……The shareholders meeting for MDL is not until Nov 9………..IPO will not be out until last half Nov….Take off your conspiracy hats..
Hoosier1…As always you add to the discussion…..You did not disappoint us..Now , if we could only get Caliche to venture forth on his opinion re Ole (and not just posting others opinions on various other stocks) , we may have enough intelligence to make a learned/reasonable guesstimation on the stock this website was originally established to follow…
Goldfather—-Yes , I do enjoy your comments also…..BUT , you are too pessimistic right now and we need a balanced discussion…Keep those comments coming….I feel sure you will get a response….which will help us all make a more learned decision….
thanks for the invite arlene.. some of those opinions are mine too!
unfortunately oromin has really fucked the pooch .. not to put too blunt a point on it..
luckily for my portfolio and this website i have other investments where the management and owners actually care about its shareholders and the share price and gives them the respect they deserve.. having said that i still believe the property will prove out 10 million ounces.
please follow my calculations for errors..
buyout scenario
10 million ounces in say 3 years time given current dilution rates of about 70 million shares in the last 2 years gives an additional 105 million shares added to the 150 million we have now gives 255 million shares
43% of 10 million ounces is 4.3 million ounces at say 250/oz lets be honest chet cant get 1000/oz in his wettest dream and by the time 10 million is proved the blue sky will be nill
gives a grand total of 4.21.. which is very close to the everhigh on this stock within a cent or 2 ..
i still hold a core of oromin but luckily have diversified (too late) into torex newstrike relam and all the rest..
4.21/1.30 = 3.24 times my money at current levels in 3 years.. not acceptable..
lund has a greater chance of hitting .21 cents (the same percentage gain) in the 3 year timeframe..
production scenario
they go into production with bendons cash (unknown how much internal dilution that will cause oromin, the gold price hits 3 to 5000/oz and oromin is valued at some production/profit ratio.. we could see 10 dollars then .. quite easily when the mania phase hits and the public are scrambling for anyone that can produce an ounce 10 may be too cheap..
to sum up a buyout is bloody unlikley with the current structure my feeling is the arabs never entertained the idea of selling and still dont..
a production decision is the best thing this company could do for its share price ..
i hope im alive to see the day this ends its been a long and bumpy road..
good news is i think it will be a 4 dollar plus stock again.. bad news it will take a long time..
consider the pot stirred DW 🙂
Well….Caliche knows this Company and this Gold mining mkt better than anyone here…. by far. Chet is a master at this game. He has played it perfectly. His Partners only matter… and the rest of us are what the mitlitary call “Collateral Damage”. I got in here as a BuyOut Play. That was the presentation by Mgmt to a bunch of us here… didnt know it would be 7 yrs.
This in hind sight was a day trader Play. Get in and get out !. Yes there is optomism and encouragement Now…. was a great buy at 80 cents…. and even at 1.30….hope we get some movement Nov 5th and after to over 1.50…. and some momentum to 2 in the coming months….. …. I look for Mine Construction to start late 2011 b/c They wont sell cheap… and the Majors dont have enough proof of Huge Gold. And again, wont buy a 40% minority position. I’m just hoping for legitimate sp increases and I can firstly get my money back…. then consider what next….hows that Arline?
Godfather—It’s not really good news for me (and a number of others) , but it is always best to know the truth…and truth is sometimes hard to find….
Caliche—-Thank you for sharing your thoughts on Ole with us all……You and Goldfather both seem to believe that the “structure” combined with the probable lack of interest by the Arabs to sell are the biggest obstacles one would have to overcome if one truly wanted to take over this concession…I had not given those concepts their due dilligence heretofore….I perhaps gave too much weight to the size of the discovery combined with majors absolute need to replenish and price of gold going up ,up ,and away over the next few months… Don’t like what you say but appreciate your saying it…Thx again
Anyone else have any new comments to share with us all….or even comments about the comments already shared…Join in , we are all trying to determine what the end game will most likely be… and no one really knows….If you have a clue , please let us read about it…
Sobering comments… appreciated but sobering… althought I must ask..
Why is the “structure” a problem now? It is what it has always been… and…
Why do you think Bendon (arabs) are intent on holding/production?
Also, why would this prevent OLE from selling its stake?
Many majors partially buy-in, why not here?
h1
All of these points of view are very interesting, but purely speculation, nobody truely knows what’s going on in the backroom and I’m glad nobody knows for sure, and Oromin is ensuring confidentiality. The Arabs will do whatever is in their best interests, and they need Chet as much as he them. All I know for sure is that officers of the company are very excited about something, and very tight lipped.
Thank You Dale8! Your points are all so true.
WoW – Fantastic Conversations! We have not seen this kind of discussion on ole for quite some time now!
This is great stuff – After reading and taking everything in – I can say that I am glad I just took my last investment portion and went into nes.v…With that said, I still like Caliche are optomistic about ole long term prospects. BUT! Like Dale8 just stated, there is something (No Clue) going on at the offices – They are almost Giddy over something and to me, that is a positive signal. I am going to be buying another chunk of OLEPF the first week of November and another chunk in mid November. I remain positive on this stock.
Thank You Caliche, Arlene,Dale8,hoosier1, Mallard, Goldfather, SoCalBernie….It has been a very interesting couple of days.
Let’s keep this going, it is good to see the fire in your thoughts – Good, Sober or Bad 🙂
I too find the discussion sobering but at the same time promising. What keeps coming back to me is the sudden buy out in Panama at a very high price by Chet for shareholders. In reading through volumes on the Eskay Creek buyout Chet was not forthcoming with any information until the deal was done.
Caliche, just a few weeks ago felt a buyout would happen before Xmas.
The great article by Grandich also could portend something in the works since up until now there has been nothing from him.
Oromin is going to get hotter as a takeover and I am still of the opinion that based on Chet’s past behavior we will never know until the deal is done but it certainly feels like there are signs it could happen sooner than later. I still tend to agree with Hoosier 1 that the pps will be double digit when the bell tolls. The Saudis,however, this time around are the wild card.
Riff…. what do you mean buy out in Panama by chet for share holders?????
He’s revering to the eskay creek buy out from the 90,s
The Eskay Creek project was in Canada…The Petaquilla project was a copper-gold-silver-moly deposit in the Republic of Panama……Chet had a leadership role with Adrian Resources during its exploration and development of the Petaquilla project……(Chet has had many big successes for shareholders and I hope Oromin is another)
Dumb question…. is all the buying today and the big volume of other days part of the Bought Deal…. or b/c the BD is 10 mil shares…. is that all seperate from the Exchange Trades ? Wonder where all the other 9 mil shares will show. The BD ends Thurs. to the Trading experts… is the sp liekly to jump ( after) b/c its again being supressed by Chets BD at $1.30-. lets remember that it was holding nicely at $1.40, w/ some bumps to $1.45-
W/ the Lid taken off, and a good base build at 1.30 and 1.40- PG commented taht it could get past 1.50… then blow to a $2 and $2.25-. … CorMack sold the 10 mil shares for 1.30 to their clients so they could get immediate Profits of say 20 or 25 % .Right ? Could be a Good November !
Thank you Arlene for clarifying my statement about a buyout in the Petiquilla project. It was a spectatular success for shareholders when Chet sold out to Barrick. That was my point.
The Eskay Creek deal in Canada was a huge discovery as most everyone knows but there was some controversy that led to an investigation as to “leaks” before this great gold field and it’s success became public. In reading court records around this issue I found it interesting that Chet did not reveal or give any hints of this incredible deal until it became public. There was even an investigation that checked him out.
My point was in both cases Chet is not going to give himself away here either.When he acts and when that time comes if it follows past deals it could come swiftly when we might least expect it. I do not believe he will give away the ranch based on what must be in this huge Sabadola gold field.
RiffDoc–Chet is not very well liked nor respected by many on this site but I ,for one, agree with your comments/facts above….He has proven time and again he can manage not only the discoveries but seeing them through buyout to maximize return for shareholders…He may , or may not , succeed this time but I do not plan to count him out yet…Oromin is indeed a huge discovery and Chet is still Chet….
RiffDoc….Chet was also Director of Arequipa Resources Ltd. which discovered the Pierina gold deposit and subsequently sold to Barrick…….That was another success for Chet….and I do not count Barrick out of this potential Oromin deal..No one ever seems to mention them and their interest in Africa…….I believe it is possible that both Barrick and Randgold could get involved in trying to get this concession……They both certainly have the monies to buy whatever they really want…
I have found myself reflecting & more curious about Dale8 & DW’s comments / reference / statement re the company…
“…are very excited about something…” &
“…are almost giddy over something…”
I surmise that you both have had some sort of recent contact with OLE which has given you the impressions stated above. Is there anything additional you can share?
h1
It is true that African Barrick only had $334 million cash flow available end of first half 2010……BUT I believe that parent company Barrick Gold still owns 74% and will make financing readily available should African Barrick want to pursue any large aquisitions….(.like Ole ??) Money for aquistions will not be a problem for them.. or Randgold..
As I said before, they KNOW there is a hell of alot more oz’s than they are being given credit for, call it blue sky or whatever, but these people have a very good idea what they are sitting on and justifiably are very excited about something they are not tipping their hats on. This isn’t some pump stuff either, this is someone who regularly meets with officers of the company, and they won’t divulage any more than that to him, which I really like to hear