I was there and here are the main takeaways for the people who are interested- - They are going to extend the drilling at A238 by another couple of thousand meters. They have encountered greater thickness than they anticpiated and need to go on. - they are currently about 3,500m's into the initial 5,000ms. First batch of samples are confirmed in the lab and assays imminent. - They reckon they will have it pretty much finished by xmas and results will be flowing every few weeks. - They are keen to get into Firrawa and extend the initial drilling campaign. They have only drilled 50% of the anomoly so far. The other 50% is difficult access and needs dozers to clear a path. - REE grade is 5 times the value of U in the ore sampled. - they are very conservative with any question on REE. They had to announce because it was significant, but it has left them with quite a few new challenges. - they plan to assay a few old samples to confirm that the REE was not just a 1 hit wonder. To re sample all the core would cost $250k, so they are taking a conservative approach. - they outlined some basic economics for Firrawa as a U mine with targeted cash cost <$25 lb and it is very economical. - they acknowledged all the difficulties of 2010 and went some length to explain how these have all been addressed. - and to answer DJ's question- yes they will need to raise capital next year, however, have sufficient to finalize all the current work programs. - 2011 will consist of a 2 pronged strategy in Mauretania and Firrawa and news flow will be a steady stream. - the new COO has left investment banking, to join a small company with some impressive assets.
thats it in a nutshell chaps.
FTE Price at posting:
11.5¢ Sentiment: None Disclosure: Held
