An enlightening AGM chaired by Mr Jones after a brief handover from the previous Chairman.
(1) Todays hematite results to be boosted easily by results yet to come, still in hematite constants at 200mt and open at end.
(2) Initial scoping study estimates of >400m ton of magnetite very,very conservative and now looking upwards of 800m ton.
(3) Mid 2007 for first hematite shipments and initial 1.5m ton set for first year and increasing.
(4) Hematites previously estimated at 4m ton per year now looking like 6m ton building up to 10m ton by 2010.
(5) Magnetite mine life at least 40 years.
(6) Huge interest from parties interested in acquiring gold and base metals assetts which will be sold not spun off into IPO.
(7) Several approaches from potential international parties re equity in magnetites and GBG looking at up to a 50% partnership.
(8) Several financial institutions keen to discuss project finance.
Nice quotes by Mr Jones "we're sitting on a substantial world class deposit", "if we don't make money on the hematites then I'm out of the iron ore business", "expect the pace of things to pick up rapidly"
No over the top razzamatazz in my opinion, just confidence and committment. Impressed with both Jones and Mc Sweeney who give the impression they will work together well.
Interesting times ahead and looking forward to them. Of course it could all turn to crap but I get the feeling this possibility is diminishing daily.
GBG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
