Very true Scanno!
I love PNG! Treasure Island!
Now that IndoChine has has an official Australian JORC of 2.1million ounces of gold with more drilling in place, we should see some increase in this resource.
The PFS is less than 6 months away, 10km of drilling is half way and the first of these announcements can't be too far away.
They have $10million in cash for 10-12 months to cover drilling and PFS engineering costs. IndoChine has the world's largest investment houses as their biggest shareeholders in BlackRock and OchZich JP Morgan etc etc!
These guys don't waste their time with small fry stocks if there isn't the expectation of significant upside and the company builds the business by derisking it.
The derisking stages are: Continually Drilling and Increasing the JORC resource, completion of the PFS (Major Derisking Milestone) completion of the BFS and mine construction soon after.
To think that IDC has a $2.6Billion Gold resource (with increases expected throughout 2012) in just over 12 months from first listing on the ASX, and to complete a PFS 6 months later, BFS soon after. These are incredible achievements by anyone's standards.
What really excites me is the grades of gold that were drilled previously were incredibly high for large intercepts. (Read my provious posts on IDC).
For example:
87metres at 27 grams per tonne!
Once IndoChine begins to announce their own drilling results we should see some very exciting numbers. And when the PFS is released, we will have a better idea of the NPV cash flows of the gold mine. With the price of gold $1700+ you can bet a new virgin gold mine like Mt Kare
We just need to sit tight and enjoy the ride!
Cheers Nectar38
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