The latest Capital raising has helped Rex Minerals survive...

The latest Capital raising has helped Rex Minerals survive through the joint venture period until we can find another cashed up partner , Back in 2009 yes 2009 Rex announced a JORC and since then they have had many Capital Raises amounting to $200M with the intentions of going into production .You wonder what they spent their money on It certainly wasn't on going into production or on exploration of the untested much favored tenements they have . So Rex Management have burned hundreds of millions of dollars and nothing to show for it over the last 15 years. I have held from 2008 and I now wonder why . Not sour grapes but wish they would come out and make a positive statement and stick to it.

That doesn't sound right to me. When checked the ASX announcements the first JORC Ore Reserves was not announced until 6th February 2013 as part of the Pre-Feasibility. At this point a significant amount of work such as metallurgical testing, geotech modelling, mine design and costing would have been done. I'm assuming by that stage quite of bit of the $200M would have been spent. There were then more studies done that increased the Ore Reserves to nearly double which would have required more expenditure. Then there was the application for the Mineral Leases which from experience takes teams of consultants doing reams of baselines studies to support it. Then I understand sometime before that they managed to purchase most of the farmland on the lease which currently is probably the most overpriced agricultural land in Australia according to some analyst paper I've read last year. Then I understand what should have been a 6 months rubber stamp on the PEPR was dragged out for years by the government with endless consultations which for a small company can be the death knell because the bills keep coming in.

When I've driven down the Yorke I used to see those big signs on the hay bales and I've been on the YPLOG website to see how much vitriol there is towards mining and Rex. I can probably understand why Rex wasn't off exploring their other tenements when the mining act and regulations were being re-written and the local member was encouraging everybody that agriculture and mining couldn't exist together. No point creating any headaches for the government when your PEPR submission was under review.

Hopefully Richard and the Company have now have a clear line of sight for financing and construction.