Apoel,I think your analysis is spot on. There are more questions...

Apoel,
I think your analysis is spot on. There are more questions than answers coming from Guildford.
The Market update of the 28th of March states in its first bullet point the following:
"As is standard practice, excavation of test pits for the purpose of extracting samples from the seams to further validate coal quality specifications. This will confirm coal quality projections for the first 6 months of production"

This is not standard practice at all.. All this would do is dilute in situ coal and expose the seams to premature oxidation. In a lot of cases the test pit would have to be as big as the initial box cut. This does not make mining sense.

Coal quality is initially determined during exploration with large diamond drill samples that upon reaching surface are immediately sealed in plastic wrap and double sealed in plastic bags before being sent to the lab for analysis. Why is further validation required ? What happens if these results do not validate the coal quality specifications ?

Guildford's latest statement contradicts their November 19th update where they show a chart of coal quality evaluations for the North and East pit. Underneath the chart they claim this is the quality for the first year of production. Why do they now need to determine the coal quality for the first six months?

Coal quality must be known and evaluated well before a mine plan is developed let alone initial mining.
If there is still doubt about the coal quality what was the basis for the deal with Noble?
As I have mentioned in earlier posts both the JORC and ASIC reports are to provide the Public with sufficient clear and unambiguous information so that a reader is able to understand the report and is not misled. The report should contain all the relevant information that investors and their professional advisers would reasonably be expected to need in order to make a reasoned and balanced judgement about the matters being reported.

In my view, Guildford's reporting does not conform to these criteria.

I hope for the sake of all the investors on this blog that I am proven wrong.