The Wilson-Independence Mine is on the side of a small mountain a few miles south of Battle Mountain Nevada. One can drive up to it in an ordinary car and walk on the ore. The mine is accessible. It has been mined as a silver mine intermittently during the first half of the previous century. Successive owners have done quite a lot of shallow drilling and some deep drilling with good results. During the 1980's gold dropped to $2-$3 hundred per ounce and whatever deposits were present in the mine were uneconomic. $1090 gold and $17.50 silver has changed all that. Since the deposits begin at or near the surface, the Company plans to build a heap leach pad on site. The "Hill Zone" will be the first phase because its deposits are the richest yet found. The Company also plans to throw a lot of surface tailings from previous operations onto the pad. They aren't particularly rich, but they are cheap.

The rub is that the Company needs capital to finish getting the necessary permits and starting production. They plan to engage a contract miner to move and crush the rocks.

There is a deep skarn at 3000 feet that has a much richer deposit.

The problem with the stock seems to be that there is no clear visibility as to whether and how the Company will be able to get into production.

The numbers are compelling if they can do that. Net of mining costs, there are probably $150-250 million in gold and silver in the shallow target. The Company is only selling for an enterprise value of $15 million.

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