Where as most gold companies go in spent a fortune and great deal of time drilling to prove up a good amount of reserves before committing to building a large scale mine.
Try select a project with enough reserves to justify a smaller operation but with good exploration potential. The build a processing plant utilising second-hand equipment where possible and design it to allow for expansion so at the end of the day, they get a mine running relatively quickly with a low cap-ex. In doing it this way they can fund exploration from cashflow, they did it with other mines and each time LOM was extended well beyond what they started with.
Thing have not quite gone to plan with this one, origianly the development of Karouni was to be funded with cash flow from Casposo, which by the way was paid for, debt free and LOM extended well beyond what they started with. How ever gold price suffered and it all went pear shaped in Argentina.
As for providing the latest drill results at the conferance, I am not sure they could do that. I would have thought that any price sensitive information would need to be released via ASX, if they had the results they could have done that and then included in the presentation at the conference.
Dare say management are as keen to release the latest drill results as we are to seem them
TRY Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
