All you saying is about: they are going to carry less than 50 mill debts and No JORC resource.
1st: if you look at the report they released recently, they will at least have 400,000 t of DSO ore to mine. In terms of upsizing the capacity of mining, they would have 250tones/ day and 91250tones/yr mining cap. Take the margin of USD500(conservative numbers) into account, they will make 45.625 milo/yr. Just say they need 4 month and 1 million to ramp up the production. 45.625 x 8/12 - 1 million=29.41million. Okay, since now, Do you still think they could not afford the debts.
2nd: Okay, you might still argue with JORC. Let me tell you, if you have one active mining adit (525m)in the mid of hill and intersection of mineralization@ 485m with thickness of ore body 6.6m(3m true thickness). (Refer with the press). every geologist should be confident to say the exciting of deposit and roughly tonnage of ore even without JORC. JORC is the thing to give confident to the shareholders from non-mining background. However, Non-JORC does not mean Non-deposit.
Regards
ARK Price at posting:
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