re: Ann: Gold Symposium Presentation - Novemb...
They have only just started the drilling, I have no idea of their schedule (there's none published that I can see), but they have ten identified sites in the Liamu area alone. The initial deep drill test will be on six of them to identify if they are of economic/commercial grade. The samples then have to go to the lab for extensive analysis. There's also the xmas break to contend with, any adverse weather would also cause delay.
Perhaps that could be a question asked at the AGM. Another one I'd like to see asked would be 1) "Is there presently negotiations underway for a JV in the Awari Licence area?" if answer is positive, then with a supplement question of "Does Goldminex envision a time period when this may be finalised?". The past trench results within this area have been highly promising and another JV here would enhance GMX's shareholder prospects.
The hardest part of owning shares in any prospector is the waiting which is frustrating at times, especially as different stages progress towards an indicative positive commercial result.
With the present woes and volatility of the market, I don't expect much in the rise of GMX SP other than a few cents either way until they have an economic commercial grade mining prospects results on the board. Personally I am hoping for extensive results on these ten identified sights to be clarified one way or the other by the end of FY12 in both commercial mineral quality and estimated volume. Positive results of the 4000m diamond drill tests will advance this towards that goal.
Although one cannot bank optimism, I agree with GMX that the present SP is undervalued given their present runs on the board. On the other hand IMO it gives the opportunity to buy or accumulate shares at sub-basement price levels, which I'm happy to do whenever I have some spare cash.
For GMX I like the George Soros quote "It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong."
With only 70m shares, GMX SP would see considerable value add percentage wise if successful.
Ha, I just re-read what I have written and I'm starting to sound like an advert, so I'll leave it there.
As always DYOR before investing anywhere and good luck.
GMX Price at posting:
12.6¢ Sentiment: Buy Disclosure: Held
