The quarterly report look good, I especially like that they have identified and added two more sites. But it's no use in getting excited yet, the proof will be in the test drilling results. There's at least 3.5 years more of prospecting.
The only thing that would hurry this process along is an exceptional find of AU (considering today's value) that warranted an immediate start. However saying that, as you know, an immediate start would take a fair bit of time even to ramp up to minimal production. Roads, equipment, infrastructure, permits, personnel etc etc.
IMO the upside of GMX is if what is found is to Vale's liking then they have the money, resources and experience to play with.
The downside of GMX and the like is that the share money is dead money until mining is underway with a positive result.
GMX Price at posting:
12.6¢ Sentiment: None Disclosure: Held
