Just a preliminary post. Was looking forward to chatting with the Geo about how the high grade gold hits fit into the JORC, but my mobile alert went off (CTP had oil shows) at the end of the meeting just before the post meeting entertainment, so I roared off home down the freeway. Got home in half the time it took me to get to the Yatch Club. So am a bit un focused, but am checking my notes.
They have employed a mining engineer to plan how to with the mining. Ian Murray wouldn't say they will definitely mine because it is too early in the process and they are still focussed on drilling and discovery. Though they are way out in the dessert, water is only 25 metres below ground. Plenty of water , a couple of new Dongas and an airfield. Fly from Perth with a refuel at Kalgoorlie in 3.5 hours. Otherwise a 12 hour drive. Ziggy apparantly drives and he has put yabbies in the dam, (he wasn't there was in the field. The new JORC whilst expected to be completed next quarter, don't expect it before 31st March. (Says Ian Murray) New name in 4/6 weeks. Gold Road. GOR.
A Cap. Raising will happen. Gave no hint when. Encouraged shareholders to convert their options. Still have a fair bit of money (sorry to be vague but the answer was a bit vague). They have spent $2 m on recent drilling. The new drilling will cost $5 mill. A lot of money came in recently from options ($5/700,000 forget exactly). Jusintian won't be redrilled until April but some deeper tails have yet to be done in the current programme. Ian M was very bullish about extending the length of minerlisation eg.Attilla is a 32km tramline, they plan to investigate CB,Justinian and Kahn to see if they extend further. Next major drilling is at Kahn. Byzantium has base metals and will be put on the backburner. They are advertising for a Geologist, to add to the team. They expect to have 2 drill rigs working in the later part of next year. Drilling can be year-round, they have been doing a lot of hours recently so will need a break. In the heat of summer they do modified hours 4-11 am and late afrternoon.
Ian M. named 4/5 nominees that have built up largish holding in EKM shares and are still accumulating.
The gold is extracted to a high % by Gravity extraction that is a fairly cheap process.
Not as big a crowd as I was expecting, maybe 25 people all up.
Cheers all
Saltbus
EKM Price at posting:
37.5¢ Sentiment: Hold Disclosure: Held
