Not sure what blackadder is going on about with all this, however this is my take on things. Miaree drilling was due to commence mid august however drilling was delayed by 2 months to enable titles to be checked fully and land clearing to be conducted in preparation for drilling in mid October ... pretty sure this was clearly stated and evident in Boardroom Radio interview in August some time (the exact date escapes me). My understanding is that Miaree is chugging along and looking like it will drill in October still.
In terms of Blythe I agree ... the delay in results is a bit disconcerting and the lack of disclosure around this is worrying. However I am satisfied that there's nothing seriously remiss about this.
What amazes me is that the company has a market capitalisation of around 8.6 Million and expects to receive cashflows of a minimum of 10 Million over the next 12 months or so. In the current financial markets where cash is incredibly tight this deal to sell Mt Richardson to realise cash to further other critical projects without excessive dilution is a good thing.
Overall this thing is not going to move up till they (a) reassure the market that things are humming along and (b) the release the results from Blythe. I do think, however, that blackadders info is off the mark (at least on Miaree)
PBX Price at posting:
17.5¢ Sentiment: Hold Disclosure: Held
