Again, m0ngy just not get it. Alex Passmore as good as promised...

Again, m0ngy just not get it. Alex Passmore as good as promised a JORC for Grace last year. If he knew Grace is a spotty orebody then why did he promise an early resource estimate? And if he only became aware that Grace is a spotty orebody after he undertook to provide an early resource estimate then why did he not update the market of this?

Also on m0ngy comparing Rox and Grace with Ramelius and its Wattle Dam mine. Let's see whether Ramelius baulked at estimating resources at Wattle Dam as Alex Passmore has done with Grace.

1. Ramelius was granted the Wattle Dam exploration license in October 2003.
2. In January 2004 the company reported in a presentation that by December 2004 Wattle Dam had "an inferred resource of 150,000 tonnes @ 4.6g/t [top cut to 20g/t] )~22,000 ozs) - lightly explored."
3. In June 2004 they reported that they would commence resource definition drilling that month.
4. In July 2004 - less than a year after gaining access to the Wattle Dam tenements - they announced that because the ore was so shallow and of such high grade they were moving towards establishing a mine with a lead time of about 12 months.
5. In September 2004 they reported that as a result of the drilling campaign they had adjusted their estimate to 80,000 tonnes at 3.6 g/t as being indicated resource and 75,000 tonnes at 3.0 g/t being inferred resource for a total of 16,500 ounces.
6. In November 2004 they had completed the first set of mining development studies and begun negotiating a toll treatment agreement.
7. In April 2005 they commenced another round of drilling at Wattle Dam. ... and then all hell broke loose.
8. In June 2005 they were reporting numerous bonanza hits, including 0.75 kg/t of gold
9. In September 2005 they updated their resources estimate to 180,000 tonnes at 3.6 g/t gold for about 21,100 ounces.
10. In March 2006 they commenced mining at Wattle Dam.
11. In June 2006 they had produced their first Wattle Dam gold by toll treating.
12. By October 2006 they were handing out bonus options and selling gold nuggets
13. In November 2006 they bought the Burbanks processing plant to accelerate gold production at Wattle Dam.
14. In May 2007 they announced that they were returning capital to shareholders.
15. In September 2007 they were reporting "super" hits such as 16 metres at 482 g/t including 1 metre @ 6,770 g/t au.
16. In November 2007 they gave an updated resource estimate of 540,000 tonnes @ 4.8 g/t gold containing 83,200 ounces but then in December 2008 clarified that the super grade hits meant that the resource estimate they provided was an understatement but still sufficient for them to commence a profitable underground mining operation.
17. 
    

I will not go on any further with listing the significant events of Wattle Dam. Suffice it to say that Ramelius DID provide early indicative resource estimates and they did quickly push on to early mining. By the end of 2007 they knew that were operating one of the highest grade mines in the world and in Australia's history and made the call not to drill out to get accurate resource estimates because they had more than enough evidence to warrant going underground.

So in summary, it seems to me to be a joke to excuse Rox from not providing at least an interim resource estimate for Grace by likening Rox and Grace to Ramelius and Wattle Dam. Ramelius from the outset were really looking for a few quick bucks from Wattle Dam by toll treating to fund the exploration work they were doing elsewhere. It was only when they realised that they were dealing with super grades that they backed off a bit in drilling out for a resource estimate. But unlike what m0ngy seemed to suggest Ramelius did come out early with a resource estimate and they moved quickly to get into production ... nothing like what Alex Passmore is doing with Rox at Grace.