They are having some very bad results with the tenement applications. Apart from the mining lease areas which are already granted I think they didnt get some of their key tenement applications up near Ruby Well. Also means the cash spent doing VTEM on the areas that were not granted is wasted (maybe they could sell it to the Co that did get the tenement). And overall I imagine some people might now be asking why an IPO can be done based around tenements that are not yet granted!!!
The SP is dropping because the situation is not looking rosy. RRE could end up having only the mining application leases up in the Naracoota Volcanics and the areas down near DRMs find and I think their tenements down near DRM dont cover into the prospective greenstone shear zones.
However it wont take much of a hit in the mining leases to put the Co on the map. The drilling at Ruby Well wasn't too bad at all, and I am keenly waiting on any results from Curly. I will be holding until I see all the mining lease areas explored thoroughly.
RRE Price at posting:
15.0¢ Sentiment: None Disclosure: Held
