Topic: [BitFunder] - KENILWORTH - Real World Mining Opportunity with Bitcoins - page 14. (Read 54742 times)

I'd say make some kind of announcement on www.reddit.com/r/bitcoin if you haven't that's pretty visible.

- SRK are renowned industry experts.
Link: http://www.srk.com.au/en/service/au-project-evaluation-services

- Thank you Deprived, you are spot-on...

- As before - In today's mining environment deposits with 4 g/t gold, up to 500 meters is depth and with size of few million tonnes are economical for mining. The Kenilworth drill hole showed Gold levels up to and over 100 g/t.

- Tech Media - they have not contacted us as of today's date but we are open to any interview by any group.
Contact details are above or a PM to me will work also.

Thanks Betatester.

- Thank you Deprived, just to add to your comments.

In today's mining environment deposits with 4 g/t gold, up to 500 meters is depth and with size of few million tonnes are economical for mining. The Kenilworth drill hole showed Gold levels up to and over 100 g/t.

Thank you again,
We do believe Christmas will arrive once the next stage of development is complete. (four months time)

I'll keep you on my watch list. Best of luck to you.

- Thank you for the positive comment.
As a "Hero Member" if you know of any way of promoting or getting the word out to the Bitcoin community, this would be greatly appreciated.

I'm excited by this project and want to invest, but these are very good questions (as well as the others) and hope they get answered soon.

The valuations (assuming they're done by a reputable company - which I haven't verified) will be based on an estimate of what viable deposits are likely to be found in the areas they have the rights to.  Those estimates will be made based on known actual results of other areas with similar geology.  They're an educated guess basically.

As I don't invest myself (only trade) I have no interest in doing the background research necessary to validate this IPO - but a key part of that is ensuring that the valuations are done by a credible company not by a sock-puppet one which produces (unrealistic) valuations to order.  I have no reason to believe the latter is the case here - but ensuring it isn't the case is the very first thing I'd do if I was considering investing.

EDIT: The detail of the specific find mentioned isn't that critical.  Even if it's a tiny quantity the important thing is that it verifies the presence of useful ore and so supports the likelihood of further larger deposits being found when a full survey is conducted.

Deprived, thanks a ton!

Prendergast123, is there an estimate of how many tons of ore are there? Is that what the numbers (US$ 19.1 million etc.) are based on?

For those interested in mineral exploration tech stuff, http://en.wikipedia.org/wiki/Mineral_exploration#Geophysical_methods is worth reading. You can safely omit the Political, sovereign and other associated risks, as Australie is the most mining friendly country in the world. China will guarantee for this.

What is the minimum needed for extraction to be profitable?
How profitable are the other ores?

This stock - IPO should be featured in tech media soon. It is at least as innovative as the setup of a Bitcoin-ATM. But it will have to draw some wealth into the Bitcoin-community to be successful.

107/gt AU would mean 107 grams of gold per ton of ore (AU is the chemical symbol for gold).

So every ton of ore/rock mined would hold 107 grams of gold.  It doesn't sound much but is well above the minimum needed for extraction to be profitable.

It is, however, only one of the TWO main figures needed to assess the profitability of a find.  The other being the quantity of gold there (the size of the deposit).

The startup costs wouldn't be worth it if there was only 1 ton of ore there.  If there was a million tons of it then christmas just arrived early.

There's other factors affecting the viability of a find (e.g. accessibility, ore-type) but the gold content and the quantity of gold (or ore) are the two key ones.

Could you explain to us what "107/gt Au" means? Some general link to a relevant glossary or list of terms would be appreciated, if that's faster for you.

This... is... awesome! Pardon my french but 'shit just got real'.

Would there be interest in organizing a webinar with Patrick?
I am just posting this to see the level of interest.
- If there is little or no interest, that's fine I'll scrap the idea -

Register below if you are free for 60min this coming Friday (June 7^th 2013).
[ http://www.anymeeting.com/PIID=E956DC84864C38 ]

Kindest regards.

- Kenilworth in our mineral exploration work found high level of gold in rock samples both on the surface and in bore samples down as far as 450 meters we were encouraged by these findings as it is an indication that we are doing our mineral exploration in a prospective area we will not know the extent or concentration of gold or any other mineral present until we complete the EM survey and do specific bores into the mineralized areas uncovered by the EM. Only following these surveys will the company know it's reserve and value to move to the next level by interesting a mining company who then extracts and sells the ore with a lump sum and royalty going to our company and thus it's shareholders (you)

- Kenilworth as a company require investment funding to operate and locate our mineral resource we look to the bitcoin community and this exchange as a potential source of some or all of that funding we have asked accountants to investigate this issue but like if we have investors from funds in Japan or the US who want to be paid in their local currency we will be paying bitcoin investors their return on investment (dividend) in bitcoins if they wish to receive them in bitcoin like All shareholders just because you purchase a share in our company utilizing any currency "crypto" or other we will honour your request to be paid dividents in the currency of your choice.

- Contingency plans are as mentioned above. 94,000 acres will be used as collateral to raise the additional funding required if BitFunder comes short.
- if you purchase a share in our company you own that share even if the exchange closes.
- When you buy the Kenilworth share you have that share which will maintain its value in the market in $/£/¥ worth of a resource.
- We are long term but we accept bitcoin at a set value on the day you buy the Kenilworth share, from there on you are equal in value to anybody else having a share bought with a dollar or a yen you are a shareholder to us.

- Kenilworth is also working with private funders outside BitFunder. In the case where full funding was not achieved we are also talking with a group about using loan/share option agreements. So as the remaining funds are at hand. Patrick has a large 94,000 acre property "Kenilworth Station" that he will use as collateral.

- Correct but with increased valuation to the company asset we would expect the share price should reflect this and trading of the stock should provide liquidity to initial investors.

- It is not the intention of the board to sell the complete business for a lump sum but to sell certain mineral resource segments in our portfolio to interested mining companies and the answer to your specific question is that if we were presented with a very attractive offer and sold the complete company the lump sum left after all trade creditors are paid the funds would be distributed to each shareholder equally. - A vote would be held prior to guage the BitFunder wishes, and the magority would rule.

Very interested, been keeping my eye on this one for a while.
Love the thought of a non-virtual mining corp.
Will probably get some shares soon.
But I still have questions (like some already posted above).

1) I may have missed this information. But you stated you already hit gold. Does this mean you will start extracting the gold as soon as possible? Will it be sold immediately? Will this be included in the dividends when the IPO ends?

2) How does the government feel about paying dividends in Bitcoin? I assume you have checked for possible legal issues?


Thanks for your time.

Same goes for any foreign investment where there is an alternate underlying currency.