Vancouver – As Rolling Rock Resources (RLL-V) reworks data for a pending scoping study of its Monument Bay project, 350 km southeast of Thompson, Manitoba, it has topped a million inferred oz. of contained gold for the first time in a new resource estimate.
The previous estimate released this past January pegged the inferred resource at 4.9 million tonnes grading 6.01 grams gold per tonne for 944,000 contained oz. gold.
Rolling Rock increases that 944,000 oz. by 28.3% in the revised resource estimate. Now the inferred category weighs in at 6.3 million grading 5.98 grams gold for 1.2 million oz. contained gold.
Market response was positive. Much like the last time Rolling Rock revised the Monument Bay resource upward by roughly the same percentage its share price almost doubled on the news.
The share prices involved, however, have changed substantially.
In January 2008 its share price jumped to 28¢ from 15¢. This time, however, the news lifted its share price to 3.5¢ from 2¢.
Rolling Rock owes Newmont Mining (NMC-T, NEM-N) a 2% net smelter return royalty (NSR) on the first million gold equivalent oz. if the property goes to production. That increases by a 1% after that.
Likewise, Rolling Rock must pay Newmont up to an additional $1 million: $500,000 if it finishes a positive feasibility study and $500,000 more if it goes to commercial production.
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