"The Deli Jovan system may however prove amenable to a small scale direct mining approach" The BOD have not progressed this.
"Mutsk in Armenia has proved to be a potentially large, low grade gold discovery that requires a substantial exploration and drilling campaign to demonstrate the scale of the discovery and define a mineral resource to JORC or equivalent standard. The investment involved is substantial and in the current climate it may not be possible to raise the necessary funding to develop the project as our geological team would wish. Nonetheless we intend to secure our interest in this project which has the potential to be a high value asset. In that regard we can report that the Mutsk exploration permit, which has been extended until July 2017 by the Armenian Ministry of Energy and Natural Resources, following submission of a report on work completed on the property".
So after Ed saying they would deliver a mineral resource definition, this was then retracted.
"Agreeing firm commitments from potential partners to the necessary investments on our projects represents a challenge in the current depressed resource markets. However, we are in discussions with a number of parties interested to participate in the development of our projects and these discussions are continuing"
We don't have the cash and they have not been able to find anyone willing to work with them on a JV.
Instead the company continues to dilute the shares to pay for the BOD wages...
Here is a simple equation No JV = no Company. and a prediction, unless they get a JV by May 2016 t will all be over!
Kingbob, I thought you decided to call it a day, what up didn't sell fast enough? If you think its a "rather pointless bb", then why are you still here?
Your lies and deceitful ways have you pegged by all the LTH. We might not be bitter, though we have ever right to be upset at the way the company has been managed.
DD is correct, You post BS and then when challenged cannot defend your views. and that's happened several times in the short time you have been posting here.
As for your opinion "Personally, I see them selling all there assets. Add £1m plus to the bank balance and look at a producing asset to bring cash flow to the business". Really you need to look at your tactics and maths if you think that would be progress.
The Company had £1,118,000 cash at 31 December 2014, that's after a £1,125,000 the issue of 1,022,727,272 new ordinary shares. Same time they appointed of Anthony Venus as Non-Executive Director and "The Board continues to seek out and evaluate opportunities with near term value" Not to dissimilar to their last two RNS's I am sure you would agree. Please note, in the same year they posted a loss for the year of £1.86 million, after an impairment charge of £1.3 million on the carrying value of the Deli Jovan exploration and evaluation asset
The recent 32.7% placing of 1,800,000,000 new ordinary shares rising £450,000 before expenses added to the June 2015 cash stood at £851,000 hence 1.3M cash. however they are spending about 40-50K per month on BOD wages!
Then there is the cost of the recent last minute drilling program, ££ we don't know how much because they never communicated a plan. Lets just call it 200K as it was just a shallow drill....happy to use another figure. and let's call it 40K per month for BOD wages. since June - Dec 280K so by the end of December about 800K in the bank.
And you think sell both assets to generate £1M????
Lets be clear about what the BOD have already said about both Assets and direction of the company (Kingbob have you read the RNS;s before giving your predictions?)
"We have completed our exploration work at Deli Jovan in Serbia. We have determined Deli Jovan as a narrow vein high grade gold project with intermittent continuity that does not lend itself to definition of large scale resources through very detailed drilling. The Deli Jovan system may however prove amenable to a small scale direct mining approach.
Merely put forward a counter view to your ramping opinion- which is full of crap tbh. All you seem able to do is ramp, then get personal if LTH post their views. How much I'm down here is my business and no I'm not bitter and no I do not have more than one account - why should I. You post BS and then when challenged cannot defend your views. Thought you weren't going to post again!. By the way, any news on those interviews you said were taking place?. Bird will not be divulging any detailed plans tomorrow about ORE, nothing that is not already in the public domain anyway, as any market sensitive info would have to be issued via RNS first. Besides, IMV he has no plans.
KB - And you pay for the privilege of posting such bull!. - further drilling assays next 2 weeks. You don't say, no brainer on this one. - update on Colin's plans. He has no plans, just wants his discounted shares, bonus and £150k pa. So your right, "he ain't looking into the next 2-3 years". Which is why his appointment was not in the best interests of LT shareholders. - sale of Deli and Mutsk. Is not going to happen, a JV is the only option IMV. Cannot sell outright as ORE do not own these assets. - rename. No game changer there so pointless mentioning it. - near term:producing asset. Can only happen if JV sorted, which in this current climate for commodities/gold is highly unlikely until they have initial JORC for one or both assets. - reshuffle of BOD. AGREE, SACK THEM ALL.
PS You still havnt answered the question about your previous boasts of knowing that they were interviewing somebody for the BOD.
Is suppose to be presenting about all of his companies tomorrow including ORE.
I expect a further RNS this coming week to highlight his plans to us all.
Sorry to say for all LTH's but I he ain't looking into the next 2-3 years, ORE current assets will either be JV'd or more likely sold. Personally, I see them selling all there assets. Add £1m plus to the bank balance and look at a producing asset to bring cash flow to the business.
Ed screwed this company and is a liar.
Colin is here to fix it and I see the following:
- further drilling assays next 2 weeks - update on Colin's plans next week - sale of the two existing assets - rename - near term: producing asset positioned in the company - reshuffle of BOD
Plenty of newsflow to come and we all look forward to those imminent further 2 drilling results.
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