So clearly you are close to this OKAP group if you were offed...

So clearly you are close to this OKAP group if you were offed Komodo capitals short fall from a raising that was supposedly for Muddy only 5-6 months back. (Short fall 4 Aug 2014. Shen 9/9/14. Your first post 10/9/14)

Clearly so is your bestie. I'm wondering if a trader is really the best indirection to buy. I'm sure he wont dump on everyone at the first possible moment as soon as there is volume.

What's wrong with this project??

Well I had a good read of the Res's this morning.
Hysterical is the only way to describe it.

Not with standing if you look at my list of what you could expect posted 10/7/15 post no. 13642298 where the list two things on my Okap play play book check list was a name change and the pump and dump where all you players take your profits. (RESOLUTION 11 – CHANGE OF COMPANY NAME)

Lets see what you get of $49m.

Must be a productive mine right?

The Moubiri project is a structurally controlled Cu/ Pb/ Zn ore body. Mineralisation is of a direct shipping (DSO) quality. Shenglong International currently operate an underground mine which is producing ore at a rate of approximately 50 tonnes per day (tpd)
Really?? Just 50 ton per day??

Two DSO shipments have been completed and delivered to customers in China. The most recent 1,100 tonne shipment returned the following assayed content in line with the grades of the first shipment:.

So basically the stock pile is selected. As this two bit operation follows a rich vein.

Analysis of the vendor’s historical operating costs indicates that the cost per ton of ore delivered to China is US$155. The revenue generated by each tonne of ore is presently approximately US$625 per tonne, producing a significant margin per tonne.

Really. The opex for a 50 ton per day mine is $155. So at 50 ton per day. I'm wondering how many men. What equipment a two bit operation uses?? I wondering what the real cost would be if at 1800 tons per day. When you have to build a real mine. Have real equipment to mine all that proven high grade stuff. I mean. It is a bulk commodity. Yes. Hows that getting to port.

I'm sure that's nothing. Just paid heaps of money up front and just see what happens. Right?

I mean you have all that high grade stuff in that selected high grade ore from the 50ton per day mine following a rich seam. Right.

Shenglong have completed the following exploration work on the Moubiri Project:

• surface geological mapping and sampling;
• 16 diamond core drill holes;
• 4 surface trenches; and
• underground exploration adit and mine development.

No drill holes have been assayed as mineralisation is assessed visually for mine planning purposes. Assaying of the drill holes can be done immediately and this is a priority of the Company once work commences at the project.

The exploration target at the Moubiri Project is 400,000 tonnes to 800,000 tonnes at 4%-6% copper and 30% to 50% combined lead/zinc. The exploration target is based on a review of work undertaken by Shenglong and a site visit by AIW

Wow. I wonder if they used a dividing rod to come up with the huge Assumption that they can mine this.

The exploration target is based upon the assumption that mineralisation is 2 to 3 metres wide and is known to occur over a strike length of 100 to 200 metres and to a depth of at least 200 metres below the surface. These dimensions are supported by underground exposure of the ore body, surface geological mapping and the geological logs for 16 diamond drill holes.

The potential quantity and grade is conceptual in nature. There has been insufficient exploration drilling to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource

This is were I started to belly laugh!!! Remember. 400,000 to 800,000 ton with an unproven strike length of just 100-200m. With no proof of grades.

But that's OK. Virgin ground right??

The Mindouli Project is a large, high grade sandstone and limestone hosted copper deposit. High grade mineralisation occurs over a strike length of at least 1.2 kilometres. Mining records show that a French company extracted 47,000t @ 19% copper during the early 1900’s.

The project has been subject to a number of phases of exploration, both surface and underground. Initially the project was explored and drilled by the BGRM in the 1950’s and further explored by the Bulgarian geological survey in the 1970’s. The Company possesses incomplete records of this exploration and is currently compiling the information

That was lucky. All these mining company's just up and left. If only they hand hand helds.

Modern exploration has been undertaken by Shenglong between 2009 and 2013. A non JORC compliant foreign resource estimation was completed in 2011 by an independent Chinese consulting company and this was used as basis for a feasibility study. The Company has done limited work to ascertain the reliability of the foreign estimate and the drilling results completed to date

So what's wrong with parting with $49m in share holders funds to a unknown group for a two bit mine with ZERO proof that you can not only mine the tonnage you have completely guessed at. But also the grades which are based solely on a two bit operation following a rich seam. Producing a pathetic 50 ton per day. And using some BS opex based on this two bit operation???

I would say a hell of a lot. You would go as far as to say you would have to have rocks in your head to think about putting any money into this.
I would say that this is far from proper DD.
I would say that this is a completely unproven project with a management with a hideous track record.

A management that would raise money not 6 months ago for a completely different project. Then with no reason give. Change the whole direction and the underwritter how just happens to be a director. Gives the likes of you and your bestie the short fall off market to a project that had still not been released to market.

Of course I called all of this 6 months ago. (Again. Post 13642298 on the other tread)