agm comment, page-11

Democracy in the country has actually slowed down everything. I got the impression from Hugh that if the former dictator was still in power, we would be well into construction at Andash. We would own 80%, ITC would own 10% and Aurum 10%. There would be no court cases and all parties would be happy.
There is no easy fix to the situation. It's about a shift in the balance of power and that takes time. An easy fix would have been done if there was one. It's also not as easy as "paying off" the five families. This will take time to play out. My view is that Andash will proceed but I have no idea when.
In the meantime, they announced that the JORC for Burnakura will be out next week. It will take four months to complete the feasibility study and should be in production by June next year.
The initial JORCs for Gabanintha and Jervois should be announced in July. Simon's presentation on the Jinka assets was very interesting. The geophysics are matching up almost perfectly with the historic drill holes. This gives them a high degree of confidence about what's beneath the surface in areas that have not been drilled. We have got a bargain in buying Jinka for $12M. I have no doubt about that. Burnakura is worth $12M alone based on what we know. After the JORC for Burnakura is released next week, we start to do some number crunching. That initial JORC will be greatly increased with further drilling. Base case scenario values Burnakura at minimum $12M in my opinion on what was presented to the AGM yesterday.
We have more than enough cash (surplus to the Andash requirements) to bring Burnakura into production next year.