I am basing my investment in IndoChine on quarterly announcements, AGM information and presentations, investorium presentation and updates from Mr Pomnitz.
IDC has picked up the Mt Kare project that has had 365 holes drilled and $60m spent by Buffalo Gold over between 1997 and 2007 before they went into receivership during the GFC in 2008.
IDC bought the project for $27m in cash and scrip from administrators at a significant discount in 2009 when no one was interested in gold mining projects.
Now let's go back to Mr Promnitz's presentation at the Sydney Investorium in July 2011.
Brilliant preso by Mr Promnitz, quietly spoken guy that knows his stuff and been in the mining industry for more than two decades.
He dots the i's and crosses the t's to get projects completed at CRA/RIO and more recently at Kingsgate.
He talks about quality capital, eg the quality of our major shareholders and its importance for a small listed company....
He also mentions an automatic resource increase, which didn't occur in late 2011 as expected, most probably because the labs would have had a requirement to comply with JORC/ASX requirements to validate the Buffalo Madison drilling results. TBH it was dissapointing, but understandable why it didnt occur. And we have been able to buy more cheap IDC share in the meantime I suppose.
I am expecting this Automatic Upgrade based on price to now occur in May/June 2012, after the labs have been able to validate previous drill holes with the current 10,000km drilling program. Including the large diametre drill rigs which is designed to calculate the density and metallurgy of the gold and silver ore and waste (dirt in the ground).
Once they are able to duplicate and validate the previous drilling results, the engineering labs will have the confidence to complete an upgraded JORC resource.
He mentions back in July that new gold areas were identified back 8 months ago! I only just picked up on this for the first time!
He is asked towards the end of the presentation during Q&A session, about having to issue more shares and his response is that IDC went to market in March 2011 for the additional share issuance to take over the Mt Kare project and to cover their costs past the PFS and well into the BFS.
Where an investment decision can be made to start building the gold mine.
Grab a coffee and enjoy the vid!
http://www.youtube.com/watch?v=mDPDhTStbgg
Another Great Presentation by Mr Promnitz at the 2011 AGM in November 2011.
Here he gives an update on the Mt Kare project.
2.1Million Ounce JORC Resource calculated at $1200/oz gold price.
Mr Promnitz states that IndoChine has PREPAID for the next 12 months drilling, choppers and labs, hence IDC's larger expenditure in Q42011.
He also mentions numerous times that IDC now has all the 350+ drill hole assay results from Buffalo to work with!
Grab another coffee and enjoy!
http://www.brrmedia.com/event/89689/stephen-promnitz-ceo
If that isn't enough to get you excited then you need help!
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