Well, just back from Kalgoorlie and the AGM and minesite tour. The AGM will be in Kalgoorlie every 3rd year from now on. These are very exciting times. Most of Les's comments are in the written report but as usual things are said which don't make it to print.
Les had these other points
He believes that SLR have the most exciting exploration projects of any company in Australia.
He said that 2011 was a transitional year and 2012 will be a very big year. 300oz pa by 2014 he said is certain.
5moz is now the short term target and he is very confident of that growing to 10moz.
He said that Haoma may be the next Daisy Milano or even bigger and showing average 10g/t. We should see some more drill results from Haoma in December.
I spoke to a senior geo at DM and he showed me some samples (not drill cores) just hard rocks from the DM floor that he had collected and the physical gold was startling. He said they are still drilling out huge visible gold from below the 900m level which is still open at depth.
Not a lot was said about Magic but I was shown extensive surface drill holes from which results will be due in the near future. I had a look at Wombola Dam and another senior geo pointed out the quartz veins running right across the floor. Its only down to about 20 metres or so at the mo and looks promising deeper down.
Les said Murchison will be producing at 50koz pa by qtrs 3&4 2013 and 100koz pa by 2014. Murchison will have a payback of 2 years at $1400 per oz but only about 6mths at current gold price.
There is a lot of excitement about Eelya. Les said there could be about $400 mil of copper in the area of the first 9 holes drilled based on average 5% cu grades. But the best bit is that he said Hollandaire was not the strongest target , just the easiest. He expects greater grades from other conductors. All in all a great time was had by all. Great team, fantastic technical staff and resources everyone else would kill for. Happy days for all holders.
One other thing, there is a report of the meeting in the local Kalgoorlie Miner newspaper today. Among other things the reporter said that "some analysts are predicting their (SLR) shares will soar to more than $7". She doesn't name the analysts. Also, at another function, I heard one of SLR's major shareholders, and I mean major, state that they will hit $8 in the not too distant future, whatever that means as a timeframe.
So once again all positive in the SLR camp. Cheers Paddyboy
SLR Price at posting:
$3.52 Sentiment: LT Buy Disclosure: Held
