Someone will be correct if they post everyday that an RNS will be out at 7am the next morning. Reminds me of those who predict the end of the world. If that happens who will they boast to that they were correct?
If you believe in the signals >> Signal Update Our system’s recommendation today is to BUY. The BULLISH HARAMI CROSS pattern finally received a confirmation because the prices crossed the confirmation level which was at 0.2250
Hangover is over and maybe your description of the Glory Hole is better than mine. I also can see a placing to move forward with SLM as it would be better than a joint venture only if we can get a high sp placing price which may be hard as people are buying into every rise. Hopefully a placing will be backed up a rough timetable by the company to sort this problem out. I hope your timetable pans out. MGA is one of real curiosity. Next three weeks will be very intresting here I just hope the market reacts better and we can climb into higher sustained sp range. Still at this time it is a hold from me and I will wait a while longer before I top up. I need an RNS I can sink my teeth into.
Hope you hangover has gone and my interpretation of the Glory Hole may be different to yours after 10 pints with your beer goggles on ?!
Glory hole: a high grade portion of ore.
This is Itogon's name for there sweet spot that was indicated however what if we have a larger sweet spot and not forgetting the WW1 underground tunnels showing 48 AU g/t.
Cash burn in Itogon has concentrated on the RC drilling and 3D mapping which I expect are a high proportion of outgoing costs and once the main expenditure is done with then 'low' cash burn is exactly that.
In the JV the next stage payment is proving up 200,000oz and for that TGR get another $300k but why only prove up that much and have costs for getting that validated when IMHO they can prove up more in one go either way TGR are going to get paid.
For me I want ECR to prove up 500,000 oz from Phase 1 & 2, the underground mine, the 250x600 metre strike down to the Dangley River knowing we have more to go at.
As for a placing this will not be for Itogon as there's still a way to go yet but the resource is there that's for sure any placing will be done for SLM which would get my vote if proven resources give us a good return and we will get an update this month, if the SLM RNS says drilling will be done then from those results will give an answer on a SLM mining opportunity and Stephen says getting equipment will be swift so my timeline for this will be as follows;
SLM August RNS confirm assays justify a drilling campaign.
SLM September drill start and we will be told the itinerary for that.
SLM October / November drill results confirm a low cost high grade small mining revenue stream for ECR.
SLM December placing for equipment / infrastructure / staff etc
SLM January 2015 starts earning and month on month a revenue stream will contribute to future Itogon costs.
This is just our 2 current gold plays and without the MGA conclusion which may be a RTO into MCR and without Themac.
I'm expecting 4 RNS this month which are;
1. MGA exiting administration 2. What ECR are doing with the $80m tax relief 3. SLM update 4. Itogon update
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