BloomingRuby, the main game for GDN remains explorer until proven producer, which has not happened yet and I am not sure that is the intention either.
If you read the letter to shareholders you will note that main goal left on #pb3 is to prove commercial gas can be extracted - will happen 2011 and GDN will fully discover the field and then farm it out or sell it - getting on with the next project.
Hopefully the extended outcome of GDNs exploring operations will leave a trail of mineral royalties and gas revenue from farm-ins to give us all a good return one day.
We need monetisation of these assets to make our investment decisions to hold, buy or sell GDN shares lol.
Huge future value would have a massive influence on my decisions, but understand it would not have much effect on the ppl who are playing with the small volumes on the market today when they are proud and preen themselves at being to shift the sp price by .01 with a tiny trade.
The link attached will show that significant ore body is present. The ore-body currently mined at 8-11 mtpa by cliffs continues into those tenements more evaluation by other methods has already commenced by Cliffs. Permits will relate to extension rather than complete new start-up hence simplifying start-up.
Polaris had rights under a farm-in agreement to earn a minimum of 70% of the iron rights by completing a pre-feasibility study on a JORC compliant resource or spending $1M, whichever is greater. Polaris and/or MIN had not completed the terms hence GDNs right to sell the entire list of tenements to Cliffs.
PS note that this report was significant time ago but confirms some of what was previously said - you will need to make personal contact to get the further info:
http://www.polarismetals.com.au/upload/documents/investor/asx/20091030301009MineralisationIdentifiedatJohnstonRange.pdf
BUT DYOR
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