The lease renewal took ? 3 months after MLS won the court case. The current process looks like taking the same amount of time. Add in the uncertainty of the environmental approvals - we could again be waiting for quite some time. I really hope that this is not the case. It seems to me that drilling disturbs the ground much less than trenching - so I can't see that there should be any environmental issues -unless the seal colony has moved inland.
The shallow drilling - I agree with Col8 -you already have the rig working -you have mineralisation why wouldn't you go down further? I think that happened just before the last geologist left....
The big issue with all the delays is that we have the constant loss of capital through the ongoing administration costs and this will eventually lead to the need for further capital railings and dilutions.
To an unsophisticated person like me I would have put down a dozen holes 400 metres right through the guts of Kudu-Impala about two years ago.
MLS Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
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