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Northern Empire Resources NM.v C$.97

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By Bobwins

Posted: Saturday Oct 14 2:29:04PM 2017

Northern Empire is a gold explorer focusing on Nevada.  They bought a permitted gold mine with 709K inferred ounces of gold.  Only 209K ounces are at the permitted mine site so the potential production from an open pit heap leach mine would be 30-40K/yr.  The mine previously was in production so the mine could be restarted relatively easily.  However the mgmt team is after higher valuation.  They believe that their land package has potential for much higher gold resources and have already started drilling based on past drilling results and surface sampling.  Their initial results have been good.

Nevada gold mining is typically done with very low grades of gold.  Northern Empire has higher grades of gold in the 2 to 3 gm/ton range.  

Nevada is the highest producing state for gold in the US.  Not only does Northern Empire have a previously producing mine but they are very close to a large past producing Bull Frog mine that produced 2.3 million oz.  

Northern Empire has experienced management that has a track record of developing properties and value prior to selling out.  

Here is the latest presentation:

Normally I like producers with 1 million ounces in reserves and 100K oz/yr production but this looks like a good candidate to end up with that size resource and production.  I like the permitted mine, which could be restarted with relatively low effort.  But if the drilling results continue like the first four, Northern Empire should end up with a much higher valuation.

53.2 million shares fully diluted X C$.97 = C$51 million market cap

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