We received good news announcements pertaining to Koongie on four occasions in the past six months. On 10/5, 22/6 and 23/7, we were informed about more copper/zinc finds at Sandiego.
Our fourth update on 30/8 told us that our copper resources were expected to increase materially and were being re-estimated by independant consultants Coffey Mining. A Scoping Study was also commencing because the recent delineation of the supergene zone at the top of our deposit had created potential for development initially by open-pit mining. All in all. Great news.
The next day I sent an email to Angus at HQ and amongst others things, asked him the following:-
1/ "In closing, I would like to ask you if we are likely to see the updated Koongie resource announcements in the first or second half of September". The response was - "The restated and JORC code compliant Resource statement will not be completed until late September 2010 -it is being compiled by an independant firm".
My query here is, once the results of the report arrive at HQ, does anyone know how long it would/might take to compile said results into an ASX release? A day, a week, a month? Longer?
2/ "And are you anticipating releasing a Feysville update this month". Bear in mind, this email would have been read by Angus on Sept 1st. His response - "Yes we will be making further references to Feysville".
Has anyone read anything new about Feysville for several months?
My second email was sent on Oct 4 as a result of seeing the seemingly left-field re-inclusion of East Mandilla's 38,000 contained ounces of gold in the 30/9 Annual Report. Are we back on track there? Are Gold prices helping? No explanation of what's going on, hence my email to Angus at HQ to hopefully clarify.
In part, my email included the following:- "Is this cost effective to get out of the ground or is the gold at East Mandilla staying put? And whatever the answer is, with respect, shouldn't this have been clearly explained in the Annual Report?"
The response sounded promising - "Yes we could have made better mention of the future prospects for Mandilla (East). However, and as precise as I can be, there are two possibilities: (1) AAR sells or J/V's to to nearby Gold Producer(s) with Plant Capacity; or (2) AAR revisits to explore for more Resources. The 1st is the path we're trying to establish- And the 2nd is currently subject to review and back to the Board by the end of the Month.
In any event we will refer to East Mandilla in the forthcoming Quarterly".
Anyone read anything about Mandilla in yesterdays Quarterly?
Just wondering if all of the above is deemed acceptable and par for the course, or otherwise.... AND, are you at least a little surprised we have not been notified of our updated JORC at Koongie?
Sincere replies appreciated.
Regards RM
AAR Price at posting:
40.0¢ Sentiment: None Disclosure: Held
(20min delay)