Together with 2 other shareholders we had a chance to have a quick chat with Derek Lenartowicz, Mike Ralston and Kevin Alexander (our geologist).
Here's a quick summary of what was discussed:
PEELWOOD: Most shareholders misunderstood the importance of yesterday's announcement. The results are very encouraging and in line with the results that Newmont obtained from their reconnaissance drilling.
The next step is to drill 2-3 holes to a depth of 500m+. This is what Newmont did and that's how they've obtained their excellent results. The geology of Newmont's tenement is very similar to ours so the management is very optimistic about achieving some very good results.
MONTY: Preliminary drilling is to start in September. Our BFS is in a very advanced stages and we are somewhere about 8-10 mths away from putting the shovel in the ground. To that we need to add about 6 mths for mine construction.
Great project with very low production costs. Power (electricity), fuel and labour are the 3 biggest costs of mining. We have massive power lines practically overhead and labour cost in the Eastern Europe is about 5 times lower then in Australia.
Milos is still in Europe working on "other" projects located in the near proximity to our Monty. The goal is for Sultan to become a power player in the region. Everything is going to plan.
TOGO: The directors and especially Derek, have put an endless amount of work into this project. The documents have been lodged with the Togo Govt and all we can do now is to wait for the results of the tender. There is nothing more we can do to speed things up. The directors are very confident that everything that could have been done, had been done.
PEELWOOD NORTH: Sorry, but we had no time to discuss this project at all.
From what I can see, the directors are very enthusiastic and very committed to our company. They do acknowledge that there has been a long break between announcements but have assured us that an enormous amount of work is being carried out in the background.
We should start seeing the fruits of this work and a steady flow of news in the very near future. It would have been a pity to bring out some good ann's in this bad market as they would have had very little effect if any on our SP.
Don't give up now guys. We've been through some tough times over the last 3 mths but our time in the sun will come.
As I'm writing this post the SP is at 1.4c and the directors are buying 275M shares at 2.2c. If that's not a vote of confidence then I don't know what is.
One other point while I'm on the subject of directors buying. During the meeting Derek has mentioned that it has come to his attention that many shareholders misunderstood the terms of the directors share plan. For those who are still in doubt, please note that the directors can NOT buy the shares at a price of less then 2.2c and most importantly, no money will come out of SSC's bank account. It's simply a balance sheet entry.
I think that's basically all that was discussed.
SSC Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
