One more thing which Dave has tried to fool investors with.
0.35% cutoff.
Nippy the number 2 fanboy of aw1 self admitted that the cost of drilling is 400% more expensive at somerset than in Australia.
A large open pit mine may be profitable at 0.35% grade but there is no chance in hell, AW1 can economically mine at 0.35% copper. Accounting for the higher cost of doing business on somerset island, the small scale of the deposits, plus allowing for a margin of error, I suspect the real cutoff grade needs to be 1% at least.
How much reserve/resource does AW1 have at 1% grade cutoff? The bad news is that this mine may never be built. A mine that will never be built is just a gigantic hole in the ground where you pour money into. Reality hits hard after 3 years.
AW1 Price at posting:
4.9¢ Sentiment: None Disclosure: Not Held
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