@Kipper01 ..."The plan is to mine the shallows sooner rather...

@Kipper01 ..."The plan is to mine the shallows sooner rather than later to provide serious cash flow for future activities; is it not?"

It depends on definition of 'sooner'. Any mine here will not be happening this year and probably not next year either. A scoping study is not the basis to apply for the permits to mine, a scoping study just shows in general terms that it will be possible to make money from mining. After the SS will come some type of feasibility study, getting more exact prices on things and lots of metallurgical test work done, that feeds into the viability of a mine.

After doing the feasibility comes permitting, which everyone knows takes time, then after will be the raising of cash for mining, building of whatever infrastructure and mining of overburden before any mining of ore.

It will all take time and a lot more cash than simple raisings for more exploration in the shorter term. Of course the cap raising part comes easy if you hit a large high grade resource, like Chalice or De Grey have done. The results from a metre or so of massive sulphates will not mean much in the scheme of things, so I'm expecting a cap raise before the drilling is complete, before results.

@Kipper01 ...Where do you think the SP will be if they drill these first 2 deep EM plates and have NSI, if you think 5c is too low?? Especially given that by the release of the next quarterly we will be down to probably under $1m??

I still hold for trading, but was lucky enough to lighten my position by around 80% at the price I purchased. With only a small position I'll be happy to take up any cap raise, as these companies can only keep going with cash support from shareholders when they do need to raise. However if they decide to gamble instead of making a good business decision about going early, I'll reconsider as supporting poor management is a sure way to losing in this game.