Interesting announcement wasn't it.One thing is for sure, the...

Interesting announcement wasn't it.
One thing is for sure, the company are still consistent with their inconsistencies!!

In the last quarterly they make mention of the fact that further drilling will seek to prove a resource of in excess of 500MT, and now Ed is saying that only 100MT max is left!
The last 1/4 report also states that the next round of drilling will commence in the second half of August and yesterdays announcement states that september is the start date.

A positive is the mention of sulphides, and in particular the focus on the basement gneiss. Although, Ed stated that drilling has been undertaken in the basal contact area to look for sulphides. Do you think we would have any results???

In teh 1/4 report they state that sulphides dont appear to be present beneath the oxides, as depth extensions came up empty. But in this report they state that finely diseminated nickel sulphides have been identified in deeper drilling!

One thing I find interesting is the need to issue a placement to raise funds for working capital and further drilling programmes shortly after making the final calls on the partly paids. The amount raised from the partly paids should be enough.
Well one thing is certain, the company will try to push the price up of th FP's to ensure they get as much as they can for the issue.

Once again, there was no mention of the extraction testwork going on in WA and the US. All Ed said was that a combination of both is looking like it will be used. But is there any word on any improvements? According to Ed, its 'an early call'... yeah right :)

The announcment certianly throws up more questions, and dont you love the start of the general meeting announcement about AEX's commitment to open communication with their shareholders!!!

Cheers

LIVAS1