Ann: Quarterly Activities and Cashflow Report, page-8

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mmartin

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02/11/15

10:55

Post #: 16306530
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Originally posted by Bullsup ↑

I think there is some ambiguity in the report, which allows for confusion. I understand that the 1% is part of the 11%. Its only the 1% that has been put forward for this MDL, and the team believe the work done on this 1% is sufficient at 50x50m grid, to apply for the MDL on an indicated basis, for initial sample shipments.

However, the independent consultants believe that the whole 11% may need more work to upgrade it to the measured standard of the JORC, but it seems that the 1% part of it is ok for the current MDL.

My take is that the Independent consultants want to do everything totally by the book and in effect do preparatory analysis over and above what may be necessary, whereas the QBL team are more intent on keeping their "production in Q4 2015" promise, and they believe that sufficient work has been done for the current MDL on the 1%.

It is possible that QLD mines will approve the MDL with the proviso that it is only for sample shipments, in which case they are implying that more work is necessary before another MDL. If, however, QLD mines DON'T make any special limiting directions, then they are implying that the MDL preparatory work is sufficient IMO and we can move straight on to a measured resource for the whole 11% and a MDL application for the remaining 10% by March next year hopefully. So, the MDL approval must just be days away now, and all will be revealed.

That's my guess! Its just my opinion, though. So DYOR. It's your money; so invest it wisely.

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Great post Bullsup, thanks for that, the following extract from the QTRLY confirms what you are saying.

“The Company’s technical team and Competent Person are comfortable that sufficient detailed work has been done on the MDL area to enable the further development to commence, and have as a result given the department the modelling necessary to secure the MDL approvals”.

QBL Price at posting: 1.2¢ Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

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