Hi guys,
The highlights for me are.......
(1) The major focus of Resource Mining Corporation is on the development of its wholly owned,
world class Wowo Gap Nickel Project located 200 kilometres from the PNG capital of Port
Moresby.
A key strategic objective of the company is to update and expand its Australian JORC
compliant mineral resource estimates to comply with other key international compliance
standards, especially Canada?s NI 43-101 standard. This will facilitate access to additional
capital markets as required for the development of the Wowo Gap project.
Exploration continues and mineralisation hasn?t yet been closed off along strike.
Mineralisation remains open to the north and the south, meaning there is potential for further
discovery.
(2) A total of 220 holes have been drilled to date along a 10 kilometre strike length of the
deposit (Figure 1). (Of these, 179 holes will be included in the initial resource update).
Mineralisation remains open to the north, south and west of current drilling. This is
significant because in the context of the exploration program mineralisation for the Wowo
Gap resource is yet to be closed off and further work needs to be completed to gain an
accurate indication of the total resource.
Results have been received from 179 core holes which targeted the Sivia Breccia unit.
The initial resource estimate will include these 179 core holes in addition to previous 99
diamond core holes and 147 wacker core holes as detailed in Table 2. The database is
currently being finalised prior to a quality control (QAQC) audit, and its release to the
Independent Geologist for resource modelling and estimation.
(3) Sinom Makes Further Investment
Resource Mining Corporation?s largest shareholder has made a further investment in the
company. Hong Kong based Sinom Limited exercised 30,000,000 options with an exercise
price of $0.008 providing the company with a $240,000 cash injection. This option exercise
is a demonstration of Sinom?s support for the company and its future prospects. The Sinom
Group has evolved from an iron ore trader and operator in the Chinese steel industry to a
resources supplier and strategic investor and owns nearly 20 per cent of Resource Mining
Corporation stock.
Comments: Finally we have the company detailing the Sinom involvement and support. I like it.
I will be buying more stock because IMO this company is dead set cheap when considering risk/reward.
What say you Trees?
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