I think NMR will have to prove the gold production before a further rerating. To its credit, the quick refurbishment of the mill site provided a good share price markup. However, the drill results that have been announced,diamond as well as RC, are not strong. And NMR has seemed to be very slow in releasing the further RC results, as well as the rest of the diamond results, from the April/May drill programs. NMR mentions that they will produce starting gold from site cleanups. That is reasonable, you fire up the mill on some low grade material, getting everything working. However, where is the good grade ore that must then to be fed into the mill, coming from. There is no public release, but this good grade material must be being put on the ROM pad now to be available from mid July. Mining thin, flat dipping veins material in an open pit operation is not easy.
NMR Price at posting:
19.5¢ Sentiment: None Disclosure: Not Held
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