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Harmony Gold Corp. High Grade Vein-hosted Gold Deposit in Alaska Featured in Mining Journal
Harmony Gold Corp. High Grade Vein-hosted Gold Deposit in Alaska Featured in Mining Journal
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":"\nHarmony Gold Corp. High Grade Vein-hosted Gold Deposit in Alaska Featured in Mining Journal\n\n\n Apr. 15, 2010 (Baystreet.ca) -- Mining MarketWatch Journal has published a review on Harmony Gold Corp. (TSX VENTURE: H) (Pink Sheets: HMGLF) offering insight and opportunity afforded investors as H.V is focused on advancing their extreme high grade Lucky Shot vein-hosted gold deposit in Wasilla Alaska where it is targeting the Lucky Shot mine and mill to come online by Q2 2011. The full review and valuation commentary may be found at http://miningmarketwatch.net/h.htm online. Investors establishing a long position in Harmony Gold Corp. will participate in a near term cash flow scenario unfolding at its high grade vein-hosted Lucky Shot gold project in Alaska. Harmony is targeting the Lucky Shot mine and mill to come online by Q2 2011. Lucky Shot is a past producing mine that historically produced ~252,000 ounces of gold and was shut down in 1942 when gold mining was declared a nonessential wartime industry, and not because the resource was exhausted. Now after 176 drill holes there is a high level of confidence to begin pouring gold from an extension of the Lucky Shot again. The high grade gold bearing mesothermal vein system is characterized by nuggety/visual gold that is irregularly distributed and thus although difficult to quantify it is consistent in strike and readily identifiable and understood to be there for the taking. It appears to Mining MarketWatch Journal that an initial three year mine operation targeting ~180,000 ounces found in a high grade shoot with an average grade of 46 g/t gold will jumpstart the operation, generating cash flow that will be put into expansion of the upside – the upside of these systems are such that they can potentially carry on for 20+ years. A 12,500 tonne bulk sample has already been permitted and will be accessed once the 1.5km ramp is complete and mill rehabbed -- the bulk sample material identified is of such high grade that potentially it may recoup half of all Harmony's development money. A 250 TPD mill is already on site and the ramp will take ~10 months to finish. When the bulk sample has been completed the commercial permit should be in place for a seamless transition. Harmony is at final water permit stage now. With only ~37M shares currently outstanding (~54M fully dilute...