Yup Frenchie, sorry I was jesting as it says in their presentation "There's no such things as a BFS", but actually they call it a "Feasibility Study" and say that it's for the bank to determine whether that study has enough detail in it to be "bankable".
Hopefuly once the PFS is released, we'll also get a strategy update from the board as to whether they will use the funds to do more drilling and prove up more resources, or whether they plan to go straight to BFS to begin mine construction. The board has to appear that they are willing to take the project to production rather than sell cheap, and to be honest, I think MC would rather go to production than force a quick cheap sale and not get his due reward for years of hard work.
The gold market is at the bottom right now, expecting a sale right now is unlikely unless a really good offer comes in, but an offer from a medium/major producer to be anything more than bottom dollar is, I think, slightly naive. We have not seen and real M&A action recently, and certainly not at anything other than firesale prices.
Going to production will take longer, but not that long, and with any luck the gold market will have improved in the intermediate time. Remember, an offer can come in at any time, and if a prospective buyer waits until we are producing and selling gold they will have to pay a shed load more if they want the resource. This is a win, win situation for Condor, we just have to be a little more patient.
Things do seem bleak in the gold/miners market right now, but we are at the bottom of a bear market, and this is what that feels like! They do not last forever though (even sometimes it seems like it will), and when it turns, if history is anything to go by, it will turn HARD. I implore everyone to leave your investment here alone and trust in MC to have our best interests at heart. He has always shown this to be the case, and has not let us down in his decision making or strategy. There is no safer place for your money right now. Stay the course people, we are so close now!
Now we have a third party financial institution in play, I imagine CNR will do whatever feasibilty studies IFC require! I remember reading on the placing RNS the cash raised would be used to assist funding the BFS. Notwithstanding the detailed DD the IFC have done already, this is not their only investment, so i imagine they will want to see milestone reports being achieved and a continual justification of their financial support to full production.
Nero / Awax. Preliminary Feasibility Study is exactly that, it is the preliminary report to determine whether it is worth continuing to invest time and money in a project if a profit cannot be made. The BFS, also known as the Final Feasibility Study (or in SRKs case just the Feasibility Study) will be more stringent, detailed and consequently more expensive to produce. You wouldn't progress directly to BFS as there would be no point in spending good money on a project that had no chance of coming to fruition. I am guessing the independent engineer would be another SRK engineer who had not been involved in producing the PFS.
Some how I cant see the 30% figure being right , IFC have just done the Due Diligence and they must be pretty sure of the Gold in the ground . To take this to a BFS would be to establish a mine on site . I don't believe that Condor the explorer with MC and its core of geologists have any intention of going mining . That's not what they do .
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