invest4it et al, Do not confuse resource and resource potential...

invest4it et al,

Do not confuse resource and resource potential with those who have been milking our cow for the last 3.5 years.

If I had a spare $15-$20million, I'd certainly consider entering into a JV arrangement, but of course it would have to be on my terms.

Apart from seeking a JV arrangement based on share of revenue as opposed to further dilution to shareholders equity, my conditions would include a major shakeout at the corporate level, including the immediate resignation of Gavan Farley (severing the ties between the company and it's chief milker Empire Securities). Base salaries for the positions of CEO and CFO would also be cut in half with immediate effect. I'd be surprised if I were the only one thinking along these lines.

In any case, LT holders should not forget the underlying value of Mt.Kare.

In 2011 Indochine acquired the then 1.9moz Mt.Kare EL for $27 million. Since then investors have had very little to show for the additional $100 million raised & spent in 3.5 years, but there has been at least some improvement in value to the Mt.Kare project.
IMO the improvement in value since 2011 has been predominantly due to;

1) the completion of the Landowner Investigation Study, significantly de-risking the project.

2) the addition of @600koz of Au eq. to the Mineral Resources Statement (MRS). i.e. since the Canadian compliant MRS was reported to the ASX by IDC in 2011. More importantly the latest MRS confirmed the existence of high grade zones, including @500koz at 10g/t M&I, hence the revision and massive reduction in the forecasted CAPEX by switching from an open cut to an underground mining method.

3) The structural study completed by Dr. Norman in late 2013 has also added significant value to the Mt.Kare project IMO, by confirming the structural linkage between Mt.Kare and Porgera along a north-east trending transfer structure. The relatively recent study identified targets located within the 2013 resource together with potential extensions at deeper levels and revealed new additional targets in a previously undrilled area. The latest target is over 500m long, and has the potential for further high grade bearing structures.

So the question is how much value does the above equate to in today's market? Certainly not $100 million worth IMO but one would think that a significant premium to the $27 million acquisition cost (via Summit and the liquidators back in 2011) is not unreasonable.
The current plan to delineate a further 500koz at 10g/t together with an ML and BFS is IMO also still very achievable at a cost of @$15-$20m. Once those milestones are achieved, CAPEX financing would be a formality IMO and the value of the company would no doubt skyrocket.

However the current SP factors in no upside/premium whatsoever and represents a value little more than the acquisition cost. Why is that? Taking into account the above improvements over the last few years there can only be one reason IMO. The market is inferring that the current board and corporate management (as a collective) is negatively valued and therefore remains the biggest liability to the company IMO. I wonder why it infers this? lol

But I continue to have faith in the resource and resource potential, and that a 'white knight' (hopefully under similar terms to what I would propose if I had the coin) will present an offer soon. However if initial proposed terms were lousy then I think we might see counter proposals materialise in earnest, ending in more than a single option for shareholders to vote on

Note: my opinion should not be relied upon nor considered as advice of any kind. Please DYOR.