Hi there Bonzo. Yeah, I’m not sure exactly why WRLG hasn’t jumped more on this news as it was a critical milestone to move the Madsen Mine back into production, and the company delivered on every one of their commitments and their strategy worked precisely as expected for the reconciliation of grades and recoveries.

I get that there are still a lot of haters and doubters of this asset, but despite on the hand-wringing and concerns of how the prior operator Pure Gold did at Madsen, it is clear that the team at West Red Lake Gold Mines is taking a much more informed and experienced approach at pulling from multiple mining areas (not just McVeigh, but also Austin and South Austin… and eventually from North Austin). They also spent a lot of time figuring out the best ways to limit ore dilution, but still capitalize on grabbing the halo mineralization around high-grade areas using the long hole stoping method versus cut and fill.

By all accounts the WRLG is doing this mine restart at Madsen the right way and has an 18-month inventory of material built up, with better controls, and they are running the mill correctly (which the Pure Gold team was not doing most of those things). Bottom line, it is going to be a night and day experience, and when they ramp up mining and production in the 2nd half of the year to declare commercial production by year-end, and then show the market their grade/recoveries/production/revenues in Q1 and Q2, it should silence the remaining doubters and stone throwers.

This bulk sample should have been a shot across the bow at how this mine is going to work and that everyone’s low-ball valuations need to be adjusted higher, but trust takes a while to build. My biased view, as a shareholder, is that the stock should have rallied double-digits on the bulk sample results news yesterday, but it was actually down yesterday only up mildly today.

Then today they have news out that already made US$7.7 million and there is still a small remaining portion of gold they are waiting on getting paid on. So let’s say it’s around $8 million . That should be another clue that this mine is going to be quite profitable and they just stocked up the treasury to get them into a production decision for June to start the revenue generation process. They also still have the $12.5 million in undrawn funds from the Nebari credit facility, so they don’t need to raise any more cash, despite of flurry of uninformed calls from the retail peanut gallery that they might need to.

As for the exploration upside beyond the reserves, that is the most exciting part. We aren’t even talking about how easy it would be to keep beefing up the Fork deposit, where they can drift over to that in about 2-3 months as another area of growth, or the Upper 8 target, or the 8-zone at depth, or all the surface targets like North Shore, MJ, or North Venus. Additionally, there is all the exploration upside at their nearby 2nd satellite project Rowan that has substantially more upside. It is the exploration upside at Madsen and Rowan that I believe could take this from a large Tier 3 / small Tier 2 deposit, up to a potential Tier 1 deposit like their neighbors at the Red Lake Gold Mine operated currently by Evolution Mining. That is where the future growth and opportunity is at, and the market isn’t even properly valuing what they already have delineated, much less the prospectivity for resource expansion at all those targets just discussed.