Correct, no mention of taking main pit down to 150 to 200 metres in the quarterlies.
First time Peter Kerr stated main pit going down to 150 to 200 metres was today at the Noosa Mining Conference. (video available online)
Peter Kerr also stated today that mining KI is complicated, adding that in the 17 years that MGX have had Koolan that LOM has never been stated at any more than 5 years.
Something I have been posting on here for a long time . . . its a case that you cannot compare KI with other mines, especially when it comes to stating LOM because effectively what makes the difference between resource and reserve is that reserve is on the mine plan, which in the case of KI is done incrementally due to the complexities of mining there.
Today Peter Kerr also stated that the SP is at cash backing of 38 cents, adding that his focus is to improve the SP by improving the value of KI (which the market currently values as zero) and also through acquisitions.
MGX Price at posting:
39.0¢ Sentiment: Buy Disclosure: Held
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