Member Info for gorsuch

"" the end of this year seems a reasonable time for me to assess their effectiveness - they have around four months.""

The problem with that is we cannot get a PEPR licence for at least four months, so there won't be any significant change to the status quo before your assessment time is up.

I found this snippet about the mountain of light when looking for who we used to drilled it.

( Two years later in 1972 it was Bridge Minerals Pty. Ltd. and Aurora Oil N.L. who did a geological reconnaissance of the area. They drilled forty holes at the Mountain of Light. Samples were collected every five feet from each of the drill holes, and sent to McPhar Geophysics Laboratory in Adelaide for analysis by the atomic absorption spectroscopy method, but the results did not seem to warrant any further work.
The Mountain of Light is still full of copper, as are the mountains of the Northern Flinders Ranges. Unfortunately, no matter how complicated the methods used, or the state of technology, it cannot be mined economically, which means at a profit, if it is not there in sufficiently concentrated quantity AND quality. The Northern Flinders Ranges may not provide work for copper miners anymore, but they still are a mineral paradise for geology lecturers, geology students, history students and rock hounds alike.

Trout, ""As for the rest of the RNS they seem to have realised that the LD/L part on the PFS didn't have real costings""

This is what they gave us regarding the PFS.
""A Feasibility Study (“FS”) for the Leigh Creek Copper Mine was completed by Terra Consulting in November 2016
and compiled geology, resources, mining, processing and marketing relating to the project. The FS focussed on
treating oxide copper initially from two open pits (Lorna Doone and Lynda). This processing plant has a nominal
capacity to produce 2,200 tonnes of copper per annum, but the feasibility study identified a very low capital cost
option to increase capacity to 4,000 tonnes of copper per annum. Additional resources from the Paltridge North
deposit were not included in this FS and will be assessed by SML for potential upside. The FS has demonstrated
a robust economic return using conservative price assumptions""

At least I can sleep at nights knowing what they told us many moons ago :-)

""In October 2017, the Company signed a term sheet in relation to the acquisition of LCCM which held the mining rights to a copper mine in the Flinders Ranges of South Australia which was subject to a number of conditions precedent including "due diligence". The mine had not been operated since 2011 and the "Company UNDERTOOK EXTENSIVE due diligence" which resulted in it finalising the terms of the agreement and exchanging contracts in January 2018""

Whilst the BOD are sat on their backsides for the next four months waiting for the PEPR, they might consider going back and reading all the RNS's they have given us over the past four years, any normal person would feel ashamed.

That's technology for you, I haven't finished the research into all our drilling yet, but somehow I've managed to post the first bit, oop's.

Lupidog for your info.

Strategic Minerals PLC (LON:SML) is ready to go with its first drilling programme at its tin and tungsten project at Redmoor in Cornwall.
Energold Drilling will drill 13 holes drilled in the first phase to be followed by a second phase of 10 additional holes. There is provision for a further six holes subject to additional planning and land owner approvals.
Council approval has come through and the first exploration hole is expected to be drilled at the end of the month.
Peter Wale, a director at Strategic Minerals and Cornwall Resources Limited, said: "The early commencement of the drilling programme is a key milestone in our plans to develop Redmoor into a producing mine.

LSE very disappointed.

(( Things are coming together that we can’t see at the moment but shortly they will be revealed ))

Welcome to the show Mystic Meg.

Basically they were both blinded by greed, one of man's all time weaknesses.

Totally agree DVH, like you I'm just hoping it can at least hit 0.60 to come out break even.

DVH

I'm in the same position as you regards exit at 0.60+, I originally bought in @ 1.95, then sold out completely when the RNS about letter of intent came out, luckily I sold @ 1.70 so no real loss, but I decided if it ever went down to 0.60 I would buy back in, which like a mug I did, so I'm now sat at 0.59 which is a lot lower than most, so I can't complain.

It's the same old story, Labro starts buying share price rises, Labro stops buying share price drifts back down.

""I guess we will have good news regarding the License early next month too""

For LCCM to be at all viable, BOD said they need approval to mine the larger Paltridge North deposit, so until the government actually says we can dig a hole LCCM is dead in the water. Regardless of the amount of words from the BOD about progressing a JV, who in their right mind would consider a JV with SML who has no mining licence yet.

By all accounts the magnetite she took was never fully used, if at all, plus a lot of it was stockpiled somewhere in New Mexico. I would imagine the receivers are going to struggle to sell it, we actually struggle to sell it and it’s our business product, but the obvious thing would be to tell SMG to go take it all back, that way the receivers get to liquidate some assets and we appear to be somewhat recompensed. Although the last thing we need right now is more piles of black rocks, I would much rather have piles of green backs.

I never realised that JP is the only director for at least 3 years to actually get a bonus, over those 3 years he has had 453,000 in bonuses. I'm sure it was stated at some point that they would all take a pay cut in 2019, yet JP managed to come out with 25,000 more than he did in 2018.

One thing I've never got my head around is the directors salary figures, JP's salary for 2019 was only 13,000, but the consultancy fees he got for 2019 were 173,000, so does he invoice SML as an individual for his consultancy fees ??

Sammy, Alan Broome has only ever made three share purchases, but if you take away what I call his freeby options, then he has actually only once bought shares (147,319) on the open market, that was just over three years ago.

You are probably right about the RNS Trout, if the BOD wanted us to know all the details, they should have done that 3 weeks ago when they filed the court papers.

Sorry to see you go JD or anyone else for that matter, as the bearer of the bad news, I feel I've shattered a lot of peoples hopes and dreams, although it was probably only a matter of time before that happened, but for that I'm truly sorry.

I notice today some people still think that Redmoor was to be bought using the 4.4 mil from the major client, I’m afraid that was never ever the case, as the RNS stats below show.

RNS dated 18th March. We have sufficient cash to fund the acquisition of Redmoor.
RNS dated 13th May. Contracts signed with an agreed settlement date of 30 May 2019.
RNS dated 24th May. Potential receipt of US $4,065,000 within two weeks.
RNS dated 29th May. Defer payment to NAE until 27 June to allow funds from Cobre client.

It clearly states March 18th we had the cash to buy out NAE’s 50%, group cash balance was US$1.240m as at 31 March 2019, obviously still no cash problem on the 13th May when we signed the purchase contract, so what happened to all the cash in the two weeks between May 13th and 29th that made them defer payment to NAE.

We now know what happened to the cash for the Redmoor purchase, it was all spent on LCCM, someone was gullible enough to think the major client would pay up, hence decided to spend all the Redmoor purchase money, now to me the idiot that came up with that idea, ought to be asking for forgiveness.

Although John’s email reads better than the RNS did, I still take the view that the “Letter of intent” RNS was factually incorrect and hence not accurate as stated. I know it might seem a bit nit picking, but I don’t like been told something is right when I know it’s wrong.
JP Email:
With regard to the letter of intent, this was initially over text but, this was subsequently confirmed in an email. Either way a documented agreement had been made and any reporting to the market was “accurate”.

Court Papers:
SMG’s Peters “ASKED” CVI’s Smith to formally agree to undertake certain actions to avoid legal proceedings, as follows: I was able to get my UK Directors and Alan this morning and I have got them to agree that, provided, on behalf of CV Investments, you undertake to pay SMG, within two weeks, the $375,000 December payment and top up the existing deposit with SMG by $3,690,000 they will hold all actions for those two weeks
RNS 24th May:
" The major client has “ASKED” SMG to refrain from progressing legal action for two weeks"

In Basic terms Peters asked Smith to, pay up or we take you to court in two weeks, why would she ask SMG to refrain from taking her to court for two weeks, when she had just been given two weeks leeway. Either the court papers are wrong or the RNS, they can’t both be right.

DJ, It was week commencing 15th October 2018, in the proactive interview on Friday 19th October, Alan said he went to Philadelphia earlier that week.

When I started looking for the major client yesterday morning, I never had any idea what a can of worms it would turn out to be if I found them.