Alexandria, We have not been given the comments from the Greenland Government as to what they require GGG to do over in their EIA. The company decided again, against releasing the communication that they absolutely received from the GOG as to what they require.
The only thing I can tell you is that if it had been something that can be done in 3 to 6 months they would have told us what it was. That's good news, they would have wanted to prove that good news. They didn't do that.
The likely problems include the GOG requiring that the company re do the entire sampling program. The one submitted early in the process was not really changed, just resubmitted a number of times. It took all the samples that were used from a tailings dump that from the 60's, the contents of which had been washed out for years. It didn't even begin to be representative sample and the GOG knows it. Not only is the GOG concerned about Uranium and Thorium, even more of concern, is the Fluorine. Doing the sampling over will take at least a year, if not longer and cost between 10 and 20 million. They also likely will also, have to redesign the tailings system. that will also take significant time and cost millions. GOG knows its design and plan is wholly inadequate. If they successfully get those things done and an EIA approved, the rest of the ML process will take at least another 4 years and 30 million.
So you are correct in asking why anyone would buy the stock now. The only reason to do so is if you believe the predictions based on fairy tales that some on this post put forward daily on this post.
For me, the biggest question as to this company succeeding in realizing Kvanefjeld's potential is whether the current management is fired and replaced by people who know how to do the job of getting a fully permitted mining license and building and economic mine such that Kvanefjeld can be successfully exploited. With current management it will cannot happen.
GGG Price at posting:
11.0¢ Sentiment: Hold Disclosure: Held
