Risk appetite of a lot of traders just dropped following UMC/ARU/LML. Probably traders exiting as volumes are not huge.
No buying pressure today as well as market is on a downer.
Agree expectations should not be for a big upgrade. Most of the drilling is simply infill drilling to bring the resource up to indicated/measured status as required by the potential offtake agreement parties.
From YML's presentation they said infill drilling of the original NW sector was completed in September 2007 with extension drilling progressing from thereon.
From that - it is possible that we may still get 30mt JORC but with a higher confidence.
Looks like bargain hunters just came back in.
YML
unknown
yml and the umc effect..., page-21
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