$4.4m in revenue. In a bad month that gives 12 for the year excluding better dig profiles and a complete move away from the tailings. Plus the loan from LG.
Less BS in this report. Drilling has led to more of those broad, wide but shallow hits we saw reported leading into takeover. Which I liked even if they didn't give the core depth. There's a good spread of between 1 and 4 g/t going for hundreds of meters, (3 kilometres by 0.7 wide from memory if you start to add the reports from 2011 and early 2012).
Different economics depending on where they firm up the best spots. A lot of those 1-2 meter hits don't look worth much effort across the spread. But there's the other hits from BBRC04, 07, 09 and 23 that will excite some follow up effort.
No more glossing over the empty results. The bad now seems to be getting reported as a matter of fact with the good (including tailings outcomes, wet season delays and waste stripping as part of that).
I like LG's aggressiveness and I think the guys and gals running the show are much smarter crew than the muppets that sat on a 2m+ resource, told everyone they sat on a 2m+ resource, but didn't really understand what they meant by it. Or have a clue what to do with it.
I haven't done much research lately into the other LG plays but I think the whole picture is important.
In terms of the old reporting, this would have been the first line instead of hidden away in the proper spot for it: 'The results validate the potential for unmined high grade mineralisation along the margins of historical underground mining centres'.
And this would NEVER have made the report (Patuo): 'The results confirm the termination of mineralisation to the south west.' Good to hear it. We don't want to drill the hell out of that if there's nothing there!
Dear Hectobar,
you are right. But its not horrible. Horrible would be if miners protested and police were brought in to sort it out and people die and miners and families lose loved ones ... oh ... wait a sec ... did that happen recently?
Dear simpletrader,
it is a catch 22 for LG. They don't want to spend the cash required to pick up the cheap shares. Income from gold is still required to build the base for their existing LG shareholders. They need to show the strategy was a worthwhile play. But you are right, when it comes to full takeover, they want to take them for as little as possible withought handing over cash. Its a share for share offer that will come out\r way in 2013, no doubt. We should expect 0.02 equivaent as a likely offer, despite new drill results and other developments ....
Eat more salmon.
COLCOM
SBL Price at posting:
0.7¢ Sentiment: None Disclosure: Held
