Nickel Boner Update, page-442

I Hugo

Thanks for that

Troyus, this is on page 9 of the ann report.

"At Mt Windarra, Poseidon is actively working with the regulators to terminate
the State Agreement over the Windarra tenements. Once released from the
State Act, Mt Windarra will transition to the laws of the land under the
Mines Act. The Company held discussions with the various Government
Departments and responsible Ministers to facilitate terminating the State Act.
The election this year has delayed the termination which is now likely to be
concluded in 2018.
As part of the detailed assessment for the integration of our operations at
Windarra and Black Swan, geotech modelling was progressed to update our
mine plan for Windarra. The detailed engineering forced a change to the
mining method resulting in an improved mine life and increased forecast
nickel grade. Following the termination of the State Act, ore mined at
Windarra will be processed at our Black Swan Operations."

This goes to shows how they speak with fork tongue.

Page 5 alludes something different, its only if you read further that the story becomes clearer.

"We had sold options over tailings at Windarra and for the use of the Lake
Johnston plant, however neither option was exercised. We also sold minor
items of redundant plant and these sales have gone some way toward
offsetting our reduced operating costs. The remaining operating costs were
met by issuing new shares in the market place."

GOLD
At Mt Windarra there is a large historic tailings deposit which contains a
substantial gold resource. These tailings come from the nearby Lancefield
gold mine and the ore was treated at Mt Windarra. The composition and
extractive processing required is well understood, so the engineering involved
in setting up a carbon leach operation is simple and commonly practised.
The difficulty in extracting the gold is administrative. As Mt Windarra is held
under a State Agreement, which originated from the 1970’s when there was a
major processing plant on the site and this agreement details the project plan.
To change the activities on the site, including to merely process or remove the
tailings, requires a change to the plan which is a complex process.

I would have thought the Act might have had something to do with this.
They have also ceased to dewater Windarra funnily enough, so this shows how much chance they think the agreement has of being scrapped.  This is not mentioned either, so there is a degree of historical understanding required as to avoid being a dumb prawn here.

Its looking more like a crazed rave party up until LIT turned up.  SO hopefully they may actually be on to a friends with benefits situation.

I think a little bit of direction and with and a bit less wanking and this may actually fly like a bird.

waiting for clarity

GLTAH