PaddyBoy, I attended the presentation this morning in Sydney... the greenlight for Murchison development was approved on the weekend (Nov 12). It was also announced that they will allocate $20m for Eelya copper exploration from December.
They clearly can't afford both investments from cash-flow (gold exploration budget is $18m by comparison) so I went to the booth and asked how they would fund them... to learn about the trading halt.
Banasik said they're going to go flat out with the copper drilling, determine the overall size at all the targets. Because there's no lead or zinc, the metallurgy is a breeze simple copper-gold processing circuit.
Remember, Murchison funding even without the copper was going to be tight... Davis told me previously if he could do it without raising equity he deserved a knighthood, maybe just a small bridging loan.
I suspect the funding raised will be significant given the $700m+ market cap... my impression is they've taken advantage of $3.50 share price to hit the copper hard, increase the drills, quickly determine what they're sitting on.
I think SLR is attending the Symposium (despite the AGM this week) because their biggest shareholder, Eric Sprott, is in town and a key-note speaker. Who knows, maybe he'll participate in the funding.
Congratulations to SLR for their 4th birthday today, floated Nov 14 2007... added considerable shareholder value since then.
Rowingboat
SLR Price at posting:
$3.54 Sentiment: LT Buy Disclosure: Held
