The latest Resource Stocks magazine has an interview with Ian Finch, as MD of Trafford Resources.
Trafford is looking to invest in South Africa and South America and (quote) "does not intend to be hamstrung... and accordingly... considers Ironclad a liquid investment" (end quote).
Ian Finch says (quote) "if Trafford needs $10-$15 million without going back to shareholders, then we have the potential to liquidate an investment" (end quote).
Ian Finch says (quote) "Trafford have a team of geologists doing nothing but organising to visit and prepare valuations on projects in South Africa, South America..." (end quote).
Anyone who purchased Ironclad shares in late 2009 or early 2010 will remember logging onto the web site, with it's large front page graphic of an iron ore ship loaded with resource for export and sailing out of the port, and across the hull was written in large white letters "Ironclad December 2010".
Yes, the HMS Ironclad, still has yet to sail, though like the ocean waves, the promises keep rolling on.
I wonder on what date that web site graphic was taken down?
Anyway, we believe Mr Finch to be something of an honest dreamer, nothing more.
We also believe, just reading between the lines of the article, and because Trafford did not take up it's option in the last IFE capital raising, and why IFE have been late with the feasibility study, and why IFE have not released any updates or information on drilling, or construction contracts, plant, accomodation, infrastructure arrangements etc. etc. etc. (and so it goes on), that Trafford will probably "liquify" (as Mr Finch puts it) their investment in Ironclad.
The question only remains then, is there anyone out there who will buy Wilcherry based on the current feasibility study? We know Trafford want $15 million if they can get it.
If there are no buyers then we believe it is likely that the initial DSO shipments of ore will be put back, possibly by yet another year, if they ever take place at all.
Although Ironclad has long appeared to be amateur hour, it may be that the delays have simply been because Trafford have been trying to fatten it up as much as possible before sale.
If the recent feasibility study is the best they can do, then we are in trouble. Somebody please step up to the plate and buy this thing.
Gw Tell the fat lady, she's on in five.
TYX Price at posting:
77.0¢ Sentiment: Hold Disclosure: Held
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