i acknowledge that they may have something, i have on serveral occasions. yes it is in the shareholders best interests to do it, again i agree with you.
i again looked at some announcements from MXR today and i was surprised even after reading them before, why? i still cant believe they listed the concentrate figures the way they did, surely this was done to "make it appear" as though they had 55% fe straight from digging. if not why even list the concentrate grades?
then to see the first drill hole pics, they are going to have to dig 350m to get at the good stuff then all the way down to 600m, whats that going to do for the strip ratio?
i would love for MXR to have hit the mother load but so far its not the mother load. the best grades are around 50% fe, thats pretty good but you have to look at the average and from 1 hole (in the best zone mind you) its going to be marginal even if they have a deposit of 3bt because they might need to shift 12bt of dirt to get at it.
secondly, all these maps people are putting up to try and convince us that there will be rail. if there is MXR will have to contribute to it and build a spur to their tenements.
thirdly, these guys will have less than $5m in cash by the end of the month, they are spending or going to spend around $3m a quarter drilling plus $300k each month in admin expenses. these guys need cash and they need it fast.
they arent getting anything from the options, so they will need to either borrow (no chance) or raise capital. if they raise capital how much of a discount are they going to raise it at? $0.15 or $0.10 plus further dilution?
if anything i have said above is wrong (especially the need for capital) please point it out.
MXR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
