Zen. U cant finalize finance for the oxides until u have formal approval .... and that has to go thru the bureaucratic process. Govt was late in forwadring guidelines but company pre-empted and proceeded based old guidelines as they recently reported. Bottomline is it cant be far away now. And if U is now likely in the NT, then I cant see any probs with granting go for base metals given all that has evolved to date.
The great thing of course is that these delays have actually worked in our favour .... what a great surprise from left field last Thursday. Reckon potential financiers would be jostling for possies in the queue now. And so much easier now with market cap at more realistic levels. Patience.
Meanwhile try getting a grip on what U potential is likely .... plenty of historic data on the Jungle available on the net. Basically, 10 mill lbs mellow yellow was produced from LIMITED surface mining at av grade around 8 lbs / tonne. They didnt stop cos they ran out either. And u gotta start wondering about the MANY targets and prelim wide intersections of 2+ lb / tonne stuff from the exploratory old drilling all over the place.
What INTRIGUES me most is the recent comment about richer supergene mother feeder likely beneath the stuff mined above. Why dont they put a hole down the throat of it? Maybe it wasn't time. But since Thursday, maybe "IT'S TIME " now ...gee that sounds familiar haha.
We just have to wait to hear what their U exploration / resource definition program is gonna be from here. Last Thursday provided a SEA CHANGE for NT - U and brings us into clear global focus as prob the NEXT U -producer likely in the NT. And Mal H reckoned we should be mining this "undefined" U- resource within 4 - 5 years haha. Do u think he may have hit the Scotch before interview?
And if u think 4 years or so is long, well the next 3 global U-mines on the drawing board next in line are Aflease's Dominion project in Africa, Canadian Southern Cross's Honeymoon project in S.A and PDN's Namibian play, tho latter will be of lessor significance IMO if Oz opens up its export floodgates. And these 3 also have a 3 - 5 year development timeframe cited .... and that aint done much harm to their shareprices.
Btw did u know that Aflease and Southern Cross are in process of merging ? Brings Aflease into Oz via the back door.
The long lead times involved in bringing U to commercial reality places CMR at the LEAD of the new-U stakes in Oz IMO ... and considering all the infrastructure will already be there per the oxides plant planned for next year. Wonderful stuff.
We are all waiting for final clarity with so many things on the plate. But dont lose sight of the fact Cu-Co-Ni ex oxides is first PRIORITY cos that brings home the bacon for distribution whilst the rest continues to evolve independently.
At 100 mill market cap we have attained a major financial milestone .... nigh on self-fulfilling trigger for natural evolution from here....yet still only about PE 2 on est annual earnings IMO. This is still only the beginning for mine. Stock has broken out from 120 to 163 close on a piddly 1 mill shares .... cos there just aint loose stock around. Top 50 hold 65% of the 67 mill shrs cap for starters. Lets see what happens tomorrow.
And dont forget we are still ONLY one seventh of PDN's market cap ...and about same as SMM .....what a joke !!! If I was a serious metals player looking for grossly undervalued assets, I wouldn't be hesitating bidding 200 mill bucks for CMR right now ...as I have said before. In fact suggested they bid 110 when price was 30c !!!
Maybe THATS why CMR has kept mum til now .... maybe they dont want to clearly define resources YET ie spill blood for fear of attracting shark pack attack (?). I am sure that the major shareholders are all too aware of this vulnerability and keeping a sharp lookout for dorsal fins now.
I like Huntleys "spec buy up to 256" last call .... and we thought they were innebriated hey ? Getting there it seems. Lets see what pans out inc ongoing drill results. Initial Mt Fitch wildcat results were great. Some prelim U results are due next few days by last report. Does it really matter at this stage though ?
IMBOOC
CMR Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
