As there are some people who persist with malicious postings, stooping to personal attacks on Marathon management and pushing the line that Marathon is misleading the public, I think some discussion is needed.
1) Marathon owns the Mt Gee Exploration license 100%.
This means that Mtn can explore the tenement for
mineral deposits. It is not a national park or
wilderness area. All modern exploration in Australia is
undertaken in accordance with environmental
guidelines set by the various primary industries/mines
depts in each state. All work is done in consultation
with the Depts of Environment and Heritage, which
control impacts on flora and fauna, visual
impact, erosion and covers historical relevence of the
work area. Work can only go ahead through this
process. Yellow-footed Gudgeons and DoDo birds
are taken into account by all concerned.
2) There is a registered native title (9B) agreement in
place for this exploration license. Unlike 90% of the
exploration licenses in South Australia. This can be
verified by anyone by contacting Primary Industries
Resources SA (PIRSA).
3) Some people were taken aback with Marathons
ugrading of the resource. The old resource numbers
were calculated using drilling from 1969-1972 by
Exoil. In 1989 CRA (now Rio Tinto)
drilled 67 holes in 4 years. CRA never
published resource calculations for their extensive
work. Marathon did. In 1995 a private company took
up the license and joint ventured it with Goldstream
Mining who had the right to earn 75%. They drilled 7
holes in 1999. The report of this drilling sent
Goldstream's market capitalization to 110 million
dollars. As a result Goldstream was admitted to the
All Ordinaries Index for a year! A legal dispute
between the joint venture partners ended in
settlement and the license was retained by the
private company. It was then vended into the
Marathon Float. As far as I can see Goldstream never
made a public announcement on this issue. I would
be surprised if some Goldstream shareholders didn't
ask what went on as Mt Gee was a major project.
4) Grade. 24,800t of U3O8 at average grade 730ppm as
reported on Aug 2 is worth today $60 per tonne
equivalent to 3 grams of gold for a total of 52m
pounds uranium at todays price is $A 2 billion or
3.3m oz of gold. Grades are comparable or superior
to many large Australian gold mines. The X factor is,
Uranium is seen to be a fast appreciating commodity
with recent talk of the possibilty of $US 100 lb.
These calcs are very conservative as it only takes
into account the Mt Gee prospect which is open in
many directions. Further drilling will shed some light.
The work scheduled to begin in October is a
combination of testing the veracity of the old data
and drilling in new ground to find proposed
extensions of mineralization. A modern approach to
exploration using new technology and understanding
could significantly extend the resource.
The only reasons I can see for the continued attack on mtn is that either these people have a philosophical objection to uranium mining, are extreme environmentalists or have gotten egg on their face over the corporate history of the tenement.
I beleive that these issues have been discussed behind the scenes and could relate to the apparrent under pricing of Marathon with respect to other companies with similar resources.
When drilling commences I expect many current lies to be dispelled and Mtn to be rerated accordingly. I suspect overseas money will find its way past the misinformation soon. There are many people in Adelaide with axes to grind. The truth will prevail.
I have done a lot of research and spoken to many people over these issues. I suggest you do the same.
Invest your money wisely.
All the best from the opalfields.
I hold Mtn.
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