A good start would be to sell all of the diamonds they've...

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22/08/18

15:54

Post #: 35099558
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Originally posted by Soothsayer ↑

Originally posted by Tradingdreamz88
The $2m financing facility that is being negotiated.
sure, but you still avoided my question... they need more than 2 mil to get this happening, especial with the current cash burn... so prior to any sort of revenue a CR seem inevitable doesn't it?... hence the need to promote the company via the HC email data base and bring attention to the company... dont get me wrong the potential here doesn't look bad... some of the highlights are commendable and I quote:

Recent corporate and operational developments underpin a steady flow of operational updates which will commence shortly. These developments include:

Granting of mining approvals: In July, Merlin received Northern Territory Government Department of Primary Industry and Resources approval to commence mining fresh ore from its five pits – Excalibur, Gwain, Ywain, Ector and Kaye.

Appointment of a mining contractor: Experienced NT mining contractor Rusca Bros Services has been contracted to extract fresh ore from its pits. This is underway.

40,000 tonnes of new ore already mined from the Ector Pit now ready for processing: Merlin’s contractors have hit the ground running, already mining 40,000 tonnes of fresh ore which is now sitting on the Run of Mine (ROM) pad.

More rapid recovery of diamonds is pending: Merlin has only just commenced processing the fresh ore from Ector with more regular recovery of quality diamonds to be reported very soon.

Ore processing to double: Ore processing will significantly scale up with new equipment arriving on site next month. A new state-of-the-art scrubber, conveyor and screen will be installed, doubling processing capacity from 50 tonnes/hour to 100 tonnes/hour. More equipment will then be added before the end of the year which will increase processing capacity to well over 150 tonnes/hour.

however the reason I am here is revenue seems possible in a short term, however the bank balance is being depleted rapidly and one needs to be aware of this... so again, do you not see the need for a decent CR?

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A good start would be to sell all of the diamonds they've already mined. They have a LOT they've done nothing with. I've assumed that they would be used as an ongoing revenue stream. They've setup a company to sell these assets, but we've so far heard nothing of the results.
MED Price at posting: 0.7¢ Sentiment: Hold Disclosure: Held
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