mining in jan, page-15

I ended up meeting up with Ian last week while he was in Sydney.

Once again he had a scrum of investors around him wanting to know more after the Pro-active investors conference. Also MOY was popular and it has a target for production mid next year for gold, with similar potential profits to IFE and again it's M.Cap is a low $60mill as well.It shows that the market won't leave their money in the market one day more than they have to. Closer to production will be the key to re-rating.

So when will we realistically see production? Firstly I can say we will get to production no matter what. When, is tricky, because we have to first get confirmation of funding which he is hoping an answer this week early next week the latest.

A few brokers want another cap raising so that they can get a bigger return at these prices. Raising money is not an issue but Ian wants the least cost and restrictions if debt finance used and min dilution if some cap raising done. Either way it will get done and is awaiting bank confirmation of the deal therefore mine will go ahead.

Ian expects PERP approval in Jan the latest, and also the formal go ahead from SA govt in regards to using the port. By the way the land around the port is now in the hands of IFE for stockpile. He said he is not concerned at all that this won't happen and it is merely a formality.

Once they give the go ahead all crushers and equipment can be wheeled in within 3 weeks of approval as all have been ordered, and we would be mining and getting the stockpile ready for shipment. Barge will be ready by late February and all other contractors are ready to truck it to port.

I have heard from someone outside of IFE that the SA gov't may suprise us before christmas with approvals, but one thing for sure the gov't will not stop this mine and port going ahead.

So those that say he can't keep timelines there is some truth in the past, but a lot now depends on others to do their part which is out of his control.

My conclusion is late March or April the latest, we will see the ship leave if approvals come in Jan or earlier.