MAG (Summary) - On The Cusp of a Major Discovery, page-19

Quarterlies out:

Cash looking nice and like it'll last forever ($4.85M).





Activities:

New info in relation to receiving two grants from NSW Government's New Frontiers initiative (not massive at $71k, but that's $71k that won't go out of MAG's bank account - free money).


Otherwise a massive quarter for the company:

- Peter Duerden joined MAG as MD (seems like a lifetime ago now?)

- Raised $5M cash

- MIMDAS survey extending target size (1.8KM x 1KM, open to North & South) and comparable to Cadia East (2KM x 500M)

- Lady Ilse District defined (Lady Ilse, Lady Ilse North, Lady Ilse South)

- Diamond drilling started at Lady Ilse

- First hole completed at Lady Ilse (post end of quarter)




Share price should creep up as we get closer to results.


I'm no geo but those cores looked bloody good:

- they've hit what they were after

- MIMDAS and all other pre-drill work has been confirmed through the drill

- just a matter of now how much they've hit in the first hole and if hole 1 will be a company-maker or if we'll have to wait till hole 2.


Looking forward to results and other good news before then as I'm sure that Duerden and the Team are not just sitting there waiting for the results.


And then an ALK-style follow-up drilling campaign.


Cheers,

GB.