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Consider CGFI’s optioned properties when they were last active and the price of gold at the time
(1) Gold King, last active 1990 when gold was $380 an ounce.
(2) Mogul, last active in 1965 when gold was still $35 an ounce (until 1972)
(3) Mayflower, last active in the 1980’s, when gold averaged around $400

(1) Gold King Mine: the best estimate for historic mine production from the Gold King Mine is 665,500 tons containing 0.471 ozs/ton gold, 2.39 ozs/ton silver, 0.71% lead, and 0.52% copper. This historic mine production predominantly occurred during the period 1890 to 1920.
. In the period 1984 to 1992, Gold King Mines Corporation (formerly Gerber Minerals Corporation)
conducted exploration activities at the Gold King Mine including re-opening old workings, extending workings, surface exploration mapping and drilling, underground exploration, mapping, sampling and drilling and other activities. Previously published reports listed expenditures by Gold King Mines Corporation of $9.7 million on the Gold King Mine during this period.

(2) Mogul: the Mogul unit was operated intermittently from 1901 to 1965, producing an unknown quantity of base metal ore.

(3) Mayflower Mine: Published historic production figures for the Mayflower Mine (also known as the Shenandoah-Dives Mine) for the period 1901-1957 are 4.5 million tons containing 520,000 ounces of gold, 12.3 million ounces of silver, 18,000 tons of copper, 47,000 tons of lead and 10,000 tons of zinc3. Some portion of this production may have originated from adjoining properties.

Valuation