The only poster that mentioned a low cuttoff grade is me. I did not make assumptions or state that Malcolm fudged the MRE. There your words and you need to retract this statement. I have voiced my concern and contacted Malcolm in the past and in fact sent correspondence to him early this morning. I have utmost respect for MN and the team. The aim is to be proactive. The team knows full well that the rate of increase in the MR over time and capital spent needs to improve. There is a reason Limon is an hold and been re evaluated. Now to wait for the new drilling program and fingers crossed the next assays simulate the trenching results with not only grades but also seam size.
In my view the economies of scale to justify development has not been reached....yet. Yes cheaper in OPEX is a 3rd world setting (hopefully things sort themselves out and the Government is able to bring back peace in the streets) In saying 3rd world, Ecuador is on the doorstep of a mining boom and the government have now shown a direct way forward in assistance and quicker regulatory approval but the quantum is low atm. Add the increase cost in capital now puts both scale and cuttoff tight moving forward. Please no comparisons. Money was much cheaper when other explorers to miners started mining operations.
"As STM are looking at very large tonnes and overall ounces (eq)".
Potential statement whether from the company or shareholders needs to matriculate to tangible statements. STM do not have "very large tonnes".
"expect the MRE and the Exploration Target to grow materially over the next six months."
Another potential statement. Exploration target has grow but has it grow considerable to $$$ spent and market expectation??? How much more capital is need to reach 10mloz and at what cost in achieving this capital injection needed if the rate of target increase stays the same.??
Some shareholders need to read and understand the assay results, put the rose colored glasses down for a second and see the light. Looking at the past 2 years STM need to show good quick increases in their rate of in ground resource. More of the same and the market will keep away. Why? Company growth has been slow and value smashed. If good results don't materialize our next CR will be under 1ct. I warned management 4 months ago that the drill bit speak the language, webcam high fiving doesn't or the next CR will be at 1 ct.......Well guess what happened !!. Plenty of explorers have endured these macro conditions and with solid tangible news updates combined with industry partners and cornerstone venture capital providers showing exceptional increases in their MC and growth.
Yes I should of dumped after the LM-20 debarkle back in June/July but I didn't. My bad. I've just taken my rose colored glasses of for the moment. Hit some more seams @ 30m in the 10-20-30% Au and mineralization through DOH the glasses come back on.
On a positive note. STM are in a position now where their in ground value form a solid basis as a Aueq not Cueq. Some good jackpot hits and this can change quickly with Au still around $2000 USD
Shame the sovereign issue has raised its ugly head again. I'm certain its the last thing Malcolm needed. Hopefully the mine site is isolated, local employees, contractors and FIFA personnel can still access the sites and works can continue with security in place as planned. I wish the team the best of luck in their next drilling program.
(20min delay)