But one would have to think HGO is a speculative punt with the...

But one would have to think HGO is a speculative punt with the risk side decreasing rapidly and the reward side possibilities moving in all the right directions.
* CU price rising
* Forecast Mine Life up from 4 years to 5 years plus.
* 16klms of extra drilling at Nugent, North Kavanagh, SW Kavanagh and Spitfire;
* positive talk around debt funding being available for mine development.

This from the recent capital raising presentation was of great interest.

"Majority of drilling activity has concentrated on the upper levels of Kavanagh to enable near term restart. This is only a fraction of the UG potential, providing an opportunity to increase mine life and annual production with further exploration."

With the $9m placed that extra drilling is underway.

Lets hope the 16 klms of extra drilling pays dividends. We have been told that the mine life planned is up to 5 years plus. it will be interesting to learn in due course what the annual production rate and forecast grades will be targeted following the restart.

If mine development can be funded with debt its very likely that that mining the three lode systems being investigated ( Main + North kavanagh, Spitfire + SW Kavanagh and Nugent) could be more attractive to a lender than the more cash restricted plan to mine only the main Kavanagh lodes initially.

We will hopefully have a five plus year mine life and a lot more than circa 1 mtpa from the Main Kavanagh lodes being processed.