The size of the resource is exciting, but the rate of progress is very disappointing.
1/ In January we were told that final resource estimate would be released 'sometime' in Q2. This is now Q3, a three month delay.
2/ Today's announcement was 'drilling has been finalised' at anomaly A. Three months ago we were told that drilling was 'about to be finalised', which was generally taken to mean a few weeks. Turns out it was a few months.
3/ from today's announcement:
// This new resource estimate will be the basis of the definitive feasibility study being completed by GRD Minproc... //
Back in May we were told that GRD Miniproc would start the Full feasibility 'immediately', but how can that happen when the yet-to-be-released resource estimate is to be the basis of the study? They can't very well use an unreleased estimate as the basis for their study.
'Some time in Q3' could be up to 14 weeks away. Do we really expect feasibility to be completed in 2008? If not, does this then impact targeted production in 2011?
I guess they haven't heard the old maxim of underpromise, overdeliver? I repeat, the size of the resource is exciting, but the rate of progress is very disappointing.
The size of the resource is exciting, but the rate of progress...
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