D4343Understanding your concern and frustration, I believe IK...

D4343

Understanding your concern and frustration, I believe IK spelled it out quite thoroughly at the Greenfields enquiry. When asked why had MNM not engaged with the community in relation to "mining" at BM, he's response was that MNM had to follow the code as set out and that basically meant not engaging with the community re mining until MNM knows what is in the ground ie. JORC stage. He did say that MNM had engaged the community as required in relation to the "exploration" - ads in paper, open days, etc.

Additiionally, with the Quit Coal group all over BM, why would MNM bring undue attention to themselves until they were certain as to the resource to JORC level? Let sleeping dogs lie I suppose.

I also believe that announcing a JV with Exergen at this stage, until the resource is proved up at BM, would only give the opponents to this project more ammunition to confront MNM with ie. confirming a mining project will happen even before exploration completed. Not adhering to the code. I can read it now "The sheer audacity to think they can mine at BM....."

IK (yes, I feel is keeping cards close to his chest) - but he wants to ensure that MNM comply 100% with all necessary lawful steps through exploration to mining so that there can be no possible comeback from a legal stand point from any opponent to the BM project. Personally, I'd rather that then cutting corners here.

So, for mine, exploration will be completed as announced this month, JORC finalised in June (Mr Lamont indicated this in a Melton Weekly article I believe) and JV to either be ann'ed at the same time or closely followed by the JORC ann. (All my postulation).

In relation to MtM, again, until MtM tenement legally transferred to MNM, then IK limited as to what can be said and not said.

We have said it time and again, this is not a management team that feels the need to send out an ann every week - they are not fluff miesters to just try and keep the ST SH happy.

They are working on a bigger plan here and for the LT SH, I am very happy with the progress to date. If anything, whilst the SP (and most SP's on the ASX) are getting bashed - it's a buying opportunity for the brave.

Having said that, I totally agree with the Duck Theory - IK and team are acting very calm, but paddling madly to get this BM project and others off the table, through exploration and into production.

Unfortunately, it is just not progressing and/or aligning with the patience levels of some.

Additionally, if Exergen quote 3-5 years to get to commercial level in relation to LV and MNM haven't even drilled a hole there yet, then I can say that BM CHTD project will be happening well before that time.

Also, in relation to the cap raising bait, MNM have the cash to finish exploration at BM, JORC BM, start drilling GC with $$ coming from Calcifer for legal costs and phosphate sale. I'm certain that there will be a number of ann's made that by the time a CR is needed, the SP will be well north of where it is right now.

Cheers K

PS H - classic posts - hope you get your buy in price S&S. I do have to say though how many posts can be TOU'ed before you get offside with the mods? Must be walking a fine line there I would assume.