Mining Strategist Doug Silver Believes There Are At Least 3,000 Million Ounce Gold Deposits Still Out There

Good news for our gold companies, Victoria Gold (OTC Other: VITFF; TSX-V: VIT); Nortec Minerals (OTC Other: NMNZF; TSX-V: NVT); Gold Bullion Development Corp. (OTC Other: GBBFF; TSX-V: GBB); and Goldgroup Mining (OTC Other: GGAZF; TSX: GGA), there are still plenty of million ounce plus deposits to be found.

RENO, NV – As gold miners and explorers moan and groan about the decline of major gold deposits in the world, former International Royalty Corp CEO Doug Silver asserts that at least 3,000 gold deposits currently exist globally with 4.9 billion ounces of gold reserves and resources.

In a presentation to the Geological Society of Nevada 2010 Symposium in Sparks, Nevada, Wednesday, Silver–whose passion for research and statistics burn as bright as ever even after selling IRC to Royal Gold for millions and millions-estimates that 638 of those deposits or 22% are endowed with at least one million each of contained ounces.

His research has revealed that 89% of the known gold ounces in this world reside in larger gold deposits. Of those ounces, 40% are measured and indicated resources, 31% are proven and probable reserves, and 29% are inferred resources. One third of them are open pit mineable and one third are located underground.

And, despite the declarations of major mining company CEOs and geologists that the days of really big gold discoveries are waning, Silver’s research has revealed the number of major gold discoveries has been increasing. In fact, the number of million-ounce-plus gold deposits discovered globally has been steadily increasing since the 1920s, he asserts.

“We’ve creating phenomenal value for our companies and our shareholders,” Silver said. “We’ve done very well.”

As the founder and CEO of IRC, Silver transformed a $4 million royalty start-up into an IPO valued at C$192 million in 2005, and grew IRC into a company valued at US$702 million at the time of its sale last February to Royal Gold, which paid $350 million in cash and issued up to 7.75 million Royal Gold shares to IRC shareholders. IRC was also the subject of a bidding war between two of its major competitors, Denver-based Royal Gold and Toronto’s Franco-Nevada.

Despite the fact  mining’s “Big Boys” seek only super multi-million-ounce deposits because thats what the investment community wants, Silver believes as many as 700 deposits will form the feedstock of future gold production.

In his research, Silver noted that 32% of these feedstock deposits are already in production, 26% are in delineation, and 23% are in the feasibility stage. Canadians by and large control these deposits with a 53% ownership. South African companies are the second largest group of owners, but only hold 12% of these deposits.

Twenty-nine percent of these deposits are located in North America, while 17% can be found in South America.

Silver believes 90% of the million-ounce-plus gold deposits are still active today with only 68 big gold deposits considered inactive. He defines deposits as inactive if no public information has been submitted to regulators for at least 10 years.

Silver joked that several of the deposits could have been scams, or have been incorporated into trends or large mining complexes.

For further information, the GSN Symposium expects to post Silver’s presentation on its website http://www.gsn.org in a several days.