Originally posted by jazzmox
Questions really need to be asked how they can get a ML without
1) a Jorc showing proven and probable
2) showing the tenement is economical (a feasibility study)
3) proving they can get funding (funded offtake or something)
SJ is in a very early phase, only had a few drill results. And those drill results were very poor.
It is possible the SIG does not care about SJ perhaps just wanted to get RM off their back.
"Financing for life of mine construction and development is in the advanced stages and due to be finalised over the coming weeks. "
It's been nearly two weeks so should be funding news this week or next week. If SJ is worth billions as people here claim then should be no problem. Otherwise people really need to question the motive of the SIG to grant a ML and why RM keeps promising and under-delivering
You so often claimed that RM was sitting around doing nothing for an extravagant wage so I don’t think the licenses were granted to get RM “off their back”. You can’t have it both ways.
Also funding and economic viability are part of the prerequisites for a mining license so unless you believe that the SIG is blatantly incompetent, these things should also be ticked off. In the past i’ve heard you say that it’s RM’s fault that licenses have not been granted, rather than the incompetence of the SIG (which some people claim). Again, you can’t have it both ways.
With all due respect, I don’t think that any of the questions that you have posed are cause for concern. Agreed, we don’t have a JORC but unless we decide to site a “defined resource” on the ASX, it is not required. This doesn’t mean that we don’t have a good idea of what is there and whether it is viable. International financiers probably won’t require this standard either to provide funding, as long as there is sufficient data to know whether they are going get their money back.
So I guess the financing announcement will reveal the quality of the mine and it’s feasibility.
Until then, don’t stress yourself Jazz, it’ll age you.
