Well bonkers all I can say re agm is,as far as J.Carlisles concerned, its steady as she goes.They are still looking to the prefeasability study as to where they are headed with Cibitung/Cikoneng.They've done the hard yards in terms of resource with these 2 deposits and have upgraded it enough to pursue production feasability.It seems they wish to stay fairly liquid running into the results of the study,and I suppose with 370 mill issued they wouldnt want to dilute too much more.There was no indication that they had moved to aquire any oz tenaments and replied as such to the same question by a holder(not that this means much).Their main area of interest continues to be Indonesia,although they did say they are still interested in Australia.They did state however that they are primarily interested in high grade projects and there may be more within Indonesia.
As the latest quart report states and JC(in the AGM) went to pains to emphasise,they are also pursuing the other targets as indicated by the MMI results.What J.C did mention was that they would dearly like to do some MMI testing to the south east as it appears the MMI trends converge in this area.This however is complicated by the fact that a private plantation owns this land.It is known that there are exposed quartz veins in this area and the land is not utilised by the plantation as it is not suitable for the crop.It definitely looks like it might be prospective, but this wont be known unless they get access to it.
From a personal point of view Im probably a little dissappointed that there was no new tenament ann.But then $7 mill isnt a huge amount when they could be progresssing this project,study dependant.Also with the POG rising steadily past 320,Australia may have become a bit steep in terms of prices for new tenaments.They wouldnt have much to play with when it came to mining their current projects if they did splurge on an oz tenament.
This may in fact be why buyers are bidding arx up a little(apart from the POG).Arx are trying to be frugal,and to just jump on the oz gold wagon may have been seen by the market as folly.They are going after what they know best.They know the locals and they are pursuing an increase of resource in the immediate region.What they had to say and the way they said it certainly wouldnt make you panic.
ARX Price at posting:
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