talking of resources, has it occured to anyone that this company...

talking of resources, has it occured to anyone that this company has RARELY released any drill results. Hang on, does this company even bother with drilling??? Go through the last few Quarterly reports and the answer is probably no.

Looking at that Sep 16 04 announcement, it would seem that currently they are mining out of resources, not reserves. THIS COMPANY HAS NO RESERVES!!!, and it has made no attempt to release JORC reserves. Rememeber, the whole debate about FMG and is legitimacy is also about resources vs reserves! (refer to article in Apr 23 SMH, 'Forest Fires up').

As of that sep 16 announcement, they had 4.9Mt of 'measured resources'. Since that time, around 900k has been mined leaving 4Mt. At a rate of 3Mt/yr, this leaves a mine life of just OVER 1 YEAR.

Im not bothering with the 'indicated resources' because they dont mean anything, industry speak its just a wild guess that it maybe there. Until, they prove the indicated resources to measured and then to RESERVES, there is a real possibility that there will be nothing to mine at Tallering Peak in 1 or 2 years time. Where will the dribblers proclaiming that MGX is on a P/E of just 5 be then?