I'm wondering why no results have been released for the 1st three holes OAD1, OAD2 & OAD3?
On the 23rd of Aug ATN stated that they'd shipped 502 samples for the first 6 drill holes, however they state in the most recent announcement that the 502 samples are only from 3 of the 12 holes? Why not mention anything about OAD1-OAD3, do ATN have to release information about all holes drilled?
If this was my company i'd go PT Eka (the owners of the land) and say since we've drilled through the host rock a number of times with no success there's no way we can pay 2Million + 30 M Shares for 51%. How about we pay you $500K + 30M Shares for 51% and than use the 1.5Million in free'd up funds to drill 30+ holes across the entire island over the next 12 months and try and find ourselves a world class gold deposit!
I think PT Eka would prefer this option rather than ATN walk away. If ATN were to leave there's a high chance no exploration company would ever return.
I believe the two drill rigs are meant finish their current programme at the end of Oct/Nov. This could place a sense of urgency on negotiations to keep the drill rigs from leaving the island for good.
I'm sure Tom and the guys have a few ideas on how to keep obi alive. It's the unpredictable Indo's that worry me.
ATN Price at posting:
1.5¢ Sentiment: Hold Disclosure: Held
