Ann: Lulo Diamond Project - Update, page-78

I will do another one Mods, and won't post tomorrow, (TOBY TAW, JD)

GC3,
I honestly believe that the alluvial mining ,while it will undoubtably produce diamonds and some very nice one with it , will NOT cover the costs of extracting them.

The big prize here is a commercial kimberlite.

I don't believe that 251 or any of the other three are this and I feel that if LOM thought they were a lot more effort would be thrown into them and this seems to have come to a standstill.

If they found one all they would need is a sample of a few hundred tonnes and a few wide diameter drills that showed a decent grade and the SP would rocket and funding would not be an issue.

But instead they seem to have abandoned the search and called in more "experts".

Seems a shame after all the money spent here that all they have to show for it is a Non JORC'd "conceptual"resource that shows that somewhere like 90% of their better grades are in close proximity to the previously mined alluvials and the rest are not that far away. Any old no toothed gramperio could have told you that for nothing.

I would rather have seen a extensive drilling campaign (and it doesn't have to be with an expensive Baur) putting down slim holes on as many kimberlite's as possible, then testing for trace and following up then with the Baur.

One Kimberlite would be like someone say's " a lotto win", but chances are fading IMO and how long is it before a part of the kimberlite concession has to be relinquished? Two years from last renewal rings a bell( could be wrong on time as too lazy to check).

But going down the alluvial track all I see is more of the same as the last what seven years?
CR followed by pump followed by CR, disappointing really.

Anyway thats my opinion and believe it or not I hope I am wrong.