I do not agree that the MGL resources are cr&p. Otago is an area that has produced a lot of gold over the past 150 years or so, with most of it 100 years or so ago. MGL have identified a JORC 2012 inferred resource and so we can respect that as a standard measurement. As with many earlier mined areas in Australia, modern prospecting methods and a bouyant POG can identify economic resources (ie reserves) in previously mined out places. I do not see why Otago should be any different in this regard. My concern is that the existing shareholders are being sold out for a prospect. If the SMI Board considers their existing activities are cr&p then they should fess up. Basically, it seems that we may as well invest in newly listed gold exploration companies and I can think of much better opportunities to be honest.
SMI Price at posting:
0.3¢ Sentiment: None Disclosure: Held
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