The material that will be competitive in the market (when you look at other graphite projects in the pipeline and logistics for Molo), EGZ are calling a 'high-grade' zone that totals a combined 60 million tonnes above 4%C that grades 8.1%C. That IMHO is the real resource.
Somewhat less - 40% - than what they intimated with their 'footprint' ann back in August. Mediocre market response reflects this result. Progress though and its still shaping up as a reasonable discovery; more drilling will likely add plenty more 'high-grade' to these numbers IMO.
I also saw no TH yesterday for MGY, I think another aware query from ASX may be on the way. Maybe they'll figure it out eventually.
The Ann they did release first-thing today is all about new options and shares being issued for management. Priorities are certainly clear?
Interesting that the directors get options exerciseable to nov-2016 at sub-IPO price of 15c while the new Omnigeo boys get 30c options that expire sep-2015. Understand the Omni structuring, but would be nice if the directors also took 30c exercise price on theirs?
'Do what I say; not what I do' seems to be MGY management motto. Still no drilling?
This ship really needs a new bridge crew - these guys are straight off the 'Costa Concordia'. Oz
MGY Price at posting:
4.8¢ Sentiment: Hold Disclosure: Held
