New york, NY (PRWEB) February 11, 2010
Mining MarketWatch Journal has published review on Journey Resources Corp. (TSX VENTURE: JNY) (Frankfurt: JL4) (US Listing: JNYRF) and interview with President and CEO of Journey. The review and interview offers insight and opportunity afforded investors as the Company is poised to take their 100% owned high grade Charay, Mexico gold-silver deposit into low-cost mining operation. Additionally, a new gold resource estimate on Musgrove Creek, Idaho is expected in Q2 2010 and the Mining Journal projects at least a doubling of the current 313,822oz gold resource.
The full review, interview, and valuation commentary may be found at http://miningmarketwatch.net/jny.htm online.
Excerpts: "Journey Resources Corp. is poised for significant upside share price revaluation as two of their 100% owned gold projects are poised for major developments that will fundamentally change the inherent value of the Company. Journey Resources' Charay property is a high grade vein-hosted gold-silver project that posses a technical report that places the operation ready for immediate production. With blasting permits received, the company is making quick progress in arranging to mine the Charay property. The first 35,000 tonnes of material is essentially at surface. With an average grade of 18.75g/t. Mining MarketWatch believes an initial 24,000+ oz of gold will be mined at a cost of ~US$100/tonne. This scenario will cash flow the expansion of the property, which is open at strike and at depth; the deposit has only been drilled to 50m with every hole intersecting substantial mineralization and the highest grades being the deepest holes. Mineralization is mesothermal and later low sulphididation epithermal systems.The ongoing cash flow will enable advancement of all their projects without further dilution to the share structure and most importantly prove up their flagship Musgrove Creek Idaho gold project (currently with resources of 313,822oz gold) towards their 1Moz+ gold target. JNY.V appears undervalued with only ~89M shares outstanding and trading under CDN$0.15, a multiple upward revaluation appears readily in store."
Journey Resources Corp. is making quick progress at Charay and Mining MarketWatch Journal anticipates the mine will be operational in Q2 2010 -- this will result in a significant cash flow boost to the Company and take its valuation to a new level as a functioning operation. Journey is well capitalized to see the project to fruition. Management, geologists, and contractors all converged at Charay this January 2010 to solidify logistics, among other tasks, for low-cost mining of the high grade vein-hosted Charay gold-silver deposit.
Jack Bal, President & CEO of Journey Resources Corp., returned from Charay with a check list of critical tasks complete and offered Mining MarketWatch Journal the following synopsis "We had several major things on our list to accomplish and we knocked off every one of them. 1) One was metallurgy; we shipped a 400kg sample to our metallurgist in Hermosillo and visited their facilities. 2) Second, was to organize a drill program and we decided in that process with the driller to import our drill (JNY.V owns its own Hydacore 2000 drill that it purchased ~2 years ago for ~$500,000) and have it on the property to be available for continuous drilling. We have started that process, we have an importer that we are working with to bring the drill into Mexico probably within two weeks -- the drill is in transit now. 3) Third, was to negotiate a deal with a mill to take our ore, we have a verbal agreement but don't want to sign one until we knew what the metallurgy was, but we did establish that a mill ~1 hour from the property which is 400TPD is available. 4) We wanted to develop a relationship with a mining contract group that we trusted and the main one on our list was a group from Quebec that's currently running all the operations for a major Canadian mining Company in Sinaloa State Mexico. So we did a tour of their mine and the mining contractor has been to our property, we have sent them all our data -- they want to mine our project and we are waiting for a proposal from them."
# # #