bent story

From 11/03/08 - Gabanintha Update

Quote - "Yellow Rock Resources expects that these assays will be available in 6 to 8 weeks, and the model and resource statement some 4 weeks later." - Unquote

Based on that announcment we should have had an announcment containing the new resource estimate by the end of June. However assays were not recieved until 05/08/08 and even still the statement should have been out 3 weeks ago given the 4 weeks needed to comlete this work. Here is a quote from that update.

From ASX release 05/08/08 - Gabanintha Update

Quote - "When the results of this second drilling programme have been included in the resource model it will signal the completion of the exploration and evaluation Phase of this World Class (Gabanintha) Vanadium Deposit.

The recent identification of the Hanging Wall Ilmenite Zone (HWZ) on top of the main Magnetite Zone (MZ) has allowed an order of magnitude change in the tonnage, and this will be defined in the next and final Resource Calculation." - Unquote

According to this announcment we have seen the COMPLETION of the exploration and evaluation, and the the upcoming resource calculation will be FINAL.

29/09/09 - Annual Report

Quote - "The resource modelling has defined some areas which will be infill drilled to increase both tonnes and resource classification so that an Ore Reserve can be accurately defined for a feasibility study in the near future. This will involve drilling to the south as well as down dip and to produce variography determinations. The resource can be increase by an order of magitude with this program which is scheduled during the current year." - Unquote

Now I am completely confused. Not only does this imply that the resource model is now complete, it also seems that the FINAL exploration campaign has just recieved a new lease on life which can only mean one thing...........a lot more waiting.

In 2005 the said they would be undertaking a feasibility study in the near future, now they say the same near the end of 2008.

Just look at the unspeakable amount of time between actually completing an overdue program to actually getting overdue results. It has nearly been a year since the last upgrade. Given the history here it is hard to believe we will even be on the ground this year let alone receiving an updated resource statement by this time next year.

Apart from turning up new areas for exploration, what do the numbers say in the model?

Have I Missed something here?