Kevi - they got this figure from drilling work done by rio tinto exploration pty ltd in 2000 as part of a pre feasibility study that found production was uneconomic at that time. That was AFTER the adoption of JORC but the figure was never classified as an inferred resource. AD just went by what the independent geologist mistakenly called inferred in his report in 2006 that was included in the prospectus.
I guess this could also put into question the credibility of featherstone geologists given this oversight, as they are responsible for this problem.
This project is a great one, put thats worth nothing if management doesn't perform. Although management have shown great foresight in acquiring undervalued resources, they have also since shown weakness in some pretty simple matters (i.e. getting the metallurgy done). I still think they are sound, but these sorts of things are not a good look.
AEV Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Not Held
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