Jamie HorvatVolta Resources IncVTR.TOBUYAug 16, 2010

Extremely cheap. Recommended this in the past. 1st Small cap market for every small gold stock has been under pressure in the last couple of years. 2^nd. Came out with an economic study that had a marginal IRR. Just came out with a new resource last week and are looking at optimizing by high grading a portion of the deposit, getting an earlier payback, having lower CapX and making a manageable project. Hopes and believes that when they come out with a full study in the 2^nd half of this year, they will be able to come out with a much better result.

Have a property in West Africa and have been building up a fairly substantial resource. Came out with an early study on the economics and the numbers were okay but they weren’t barn burners. In this environment, people want good high IRR’s so management is working on finding some higher grade payback zones which will improve the ultimate IRR. Good management. Stock is near rock-bottom valuations. There could be a re-rating of Junior gold stocks in the next year.

They have one large deposit and have been getting some nice hits out of it. If that can get large enough at better than 2 g, that provides the payback to get the rest of the mine working. This is in West Africa, the desert and is expensive and really 1 g per ton of milling rock doesn’t quite make it.