Austindo - a busy junior...

I'm looking for a junior gold explorer, and came across Austindo the other day, I can handle the sovereign risk if it the tenement deposit are in posession of high grade veins. It seems the recent pre-feasibility study at Cibaliung with POG@ avg$300/oz did not meet the necessary requirements.

Therefore ARX are now moving north towards Cikoneng and Cibitung where drill testing begun early October and results from those tests should be out very shortly.

Recent tests at the Rorah Kadal, 900m SW of the Cibitung deposit intercepted a high grade vein [email protected]/t au and 51g/t ag..
Further reconnaisance mapping is being currently undertaken and an approximate date of results from this vein is too difficult to determine.

Austindo currently burn on average, $300k per quater with approx $5mill cash at hand, with the number of projects currently under way it is good to see Directors keeping costs to an absolute minimum..

There doesn't seem to be any long term debt and assets outweight liabilities by 6:1..

Austindo recently acquired Mt Alexander Goldfields in order to spread geographical risk. It now holds 213kmsq of exploration licences and 225ha of mining licences in Castlemain. There is already a 800ktpa CIP plant located near by under maintenance - costs to construct a mine will be well managed, yet again.

ARX also announced agreements to farm-in to tenements with Horizon and Greater Bendigo.. 'Raywood' located 30km NW of Bendigo and 'Sebatian'which is located 20km NW of Bendigo - with the current farm-ins and the acquisition of MAG - ARX now have a prospective package ground, is what they tell me.. covering the north and south of the Bendigo Goldfield areas..

Work has started to compile and evaluate historical production, exploration data and mining records in the Castlemain and Bendigo areas.. These results should be out I feel approx mid 2003..

Anyone follow this stock ? Does the Castlmain and Bendigo districts have potential ? or is it likely this area will also shoot blanks, like Cibaliung ?

Regards
Greenhair