Oh i don't know,just putting two and two together is a small part of my optimism.
Locke report 1st July 2011
On the other hand various options are being evaluated for the Stuart deposit to the south, including possible divestment in order to concentrate on development of the core deposits, Kuridala and Greenmount.
Ivanhoe Australia Ltd, owner of the Osborne mine and sulphide concentrator to the south of the White Range project area (35km from QMNs Stuart deposit), has announced expansion of the facility to process their ore near Mt Dore and is reviewing the possible reactivation of the Selwyn plant only 8km from Stuart to treat oxides. A haul road is planned from Osborne to the Victoria mine which adjoins QMNs Stuart deposit and connects to the main Selwyn Road to Kuridala.
The company has taken the initiative to issue companies active in the Cloncurry district an indicative term sheet seeking expressions of interest for possible joint venture development of non-White Range copper deposits such as Stuart and Flamingo as well as its gold assets at Mt Freda and Gilded Rose. QMN reports that discussions are progressing with nearby operators and that management is confident these will lead to formal agreements within the next few months.
We regard this approach to non-core assets as a sound capital conservation strategy for a junior such as QMN. At the same time it ensures the company resources are focused on the development of the main play at White Range which is likely to provide a better long term return to shareholders.
QMN Price at posting:
7.5¢ Sentiment: Buy Disclosure: Held
