1)
Has the Suplejack tenement ABU agreed to buy from VAN been completed ($10k still payable to finalise it)? If not, why not and when is completion planned for. How much have we spent on exploration as part of the original agreement? Is this enough to satisfy the agreement or do we risk having to hand it back to VAN after spending a non refundable $130k so far?
2)
Have the Vampire assays been reviewed? I would be most annoyed if we end up getting taken over only to find someone forgot to tell us there was actually economically mineable gold there.
3)
What is the holdup with getting the Syrene tenement (27589 - just South of Vampire) approved for exploration? When is approval likely?
4)
Is there any truth that the Tailings Dams at Coyote are being upgraded? TAM have approval to add 714k tonnes of capacity across cells 1 & 2. The last upgrade in 2012 added 300k tonnes capacity to cell 2 and cost about $1.5m. (Approval document of June 2013 noted that cell 1 is full and cell 2 is close to full with 1.2m to 1.5m freeboard remaining) Is the $2m capex (Business and Mine Development) shown in the last quarterly largely for increasing TSF capacity?
If the TSF's are being upgraded, what is the current status of operations? Are management still confident the expansion will be needed ? 714k tonnes is just under 5 years capacity at 150k tpa. If it is going ahead, does that mean a decision to buy Coyote has been made? Or are we just making a donation to TAM in paying to upgrade their TSF for essentially no return to ABU?
Hopefully there will be a good turnout at the AGM and plenty of honest answers from management. I'd like to go, but sadly I'm on the wrong side Oz
ABU Price at posting:
9.2¢ Sentiment: Hold Disclosure: Held
(20min delay)