Hi HutchleyI think Tolli was correct in saying that the...

Hi Hutchley

I think Tolli was correct in saying that the discussions held at Tennant Creek recently may come into play further down the track. Any possible outcomes from discussions would no doubt be ongoing and of a commercially sensitive nature and therefore unlikely to be any public comment until appropriate. At least that would be my guess. As i understand it discussions were very positive, less of an investor presentation more of an onsite show and tell (with geos on hand to interpret), lol.

Most important at the moment is the ongoing drill program and the proving up to jorc status of further resources. Having spoken to the MD today he and the geo team are very confident of the way things are shaping up at TC, particularly Rising Sun and Nobles Nob West. Co is very confident of proving these up to jorc compliant open pit resources. RC drillers have had a short break and are due to return to rising sun any day, Diamond rig is progressing towards target depth at Juno.
They are about 2/3rds of the way thru the current 15000m drill program with a heap of assays due sometime over the next month or 2. Rigs are operating 7 days a week.
Beyond that the Co is well funded to carry out the 2nd drill program, however in order to plan the 2nd program they need the complete results from round 1. So we wait.

RE; future funding. As we know the Co has no present need for further funding and will continue to drill for the remainder of the year and into next. As results are released we will see a steady rise in the companies jorc resources and consequently the sp. If/when the Co proves up sufficient resources decisions will be made with regards a move to mining. This is one company that will have absolutely no problem with project finance (imo) once sufficient resources are proven, particularly with the shallow nature of the deposits and the availability of milling facilities nearby and quality infrastrucyure on site.
Excalibur is definetely one to hang on to with plenty of news and assays to come in the next month or so.

regards

BoomTrader