We published a separate report yesterday summarizing “Day One” March 30^th, and tomorrow will publish photos from the 19 “Core Shack” visual presentations that we also will post on our www.veryindepentresearch.com web site under “conferences.”

·                     We were impressed that Wits Gold might consider a restructuring, splitting into two companies, putting its DeBron Merriespruit and Bloemhoek shallow, advanced development, roughly 20 mm oz resources into one company and the balance of 156 mm oz of gold and 268 mm lbs of uranium resources into another public company.  It also could be a takeover target owing to the nearness of its huge resources to Harmony or Goldfields.

·                     The “lean” grade deposits most demanding of superb execution or most prone to operating or capital cost overruns, in our opinion, were the Victoria Gold “Eagle” project in Dublin Gulch in Yukon Territory at 0.82 g/t and 72% recovery and the Seabridge Gold KSM project with with 45.3 mm oz in 2.55 bil metric tonnes at 0.55 g/t au and 0.21% cu in measured and indicated resources and another 0.76 billion tonnes inferred with 14.5 mm oz at 0.41 g/t gold and 0.17% copper with gold recovery 78%, silver 73%, moly 50% and at copper 83-84%. 

·                     Two years ago near $13 silver we would have cited the South American Silver Bolivian project as “too lean a grade” at 1.2 oz per ton silver plus 50% more in indium and gallium, but current $37 silver prices cure all that.