Last night I picked up on the fact they are different leases,...

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Qwerty1992

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23/08/19

09:36

Post #: 40112035
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Originally posted by ozmadian: ↑

I think the attachment above is the ASX report you're referring to from May 19. As you can see the ASX report does mention EL2527 whereas the website only mentions EL1441. Both the ASX report (EL2527) and the website (EL1441) refer to them both as "May River", which is very confusing and a littlle bit disingenuous since they are quite different. In reality EL2527 is the only exploration tenement that Niuminco holds (in addition to the mining leases at Edie Creek) - the company does not hold EL1441. If you have a look at the old exploration tenement map (EL1441), you will see that EL2527 is a small component of what used to be EL1441 (maybe 10 - 15% of the area). EL2527 lies adjacent to the massive Frieda River development, which is good news, but sadly EL2527 is pure greenfields exploration so needs a lot of money (and time) to establish if anything worthwhile is there. As you can also see from the May report, the last line says "and field work is set to commence SUBJECT TO FUNDING". EL2527 will expire in April 2020 (7 months away) and while it's theoretically possible that there may be time for NIU to get the funding and then send out a field team to do some small scale work, there are also the realities of the annual wet season coming up, the camp not being maintained for months and whether it's fit for purpose and then the approval to renew by the PNG authorities....

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Last night I picked up on the fact they are different leases, had this problem when I bought back in October, I’m sure a HotCopper member actually pointed out what you just said; so thank you for bringing this up again.

NIU Price at posting: 0.1¢ Sentiment: Hold Disclosure: Held
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Last night I picked up on the fact they are different leases,...

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