This ann the day before the AGM is not unusual for a company but, in this case it says "The drilling program was conducted over the project area that is intended to be shortly mined pursuantto the Mining and Processing Agreement recently entered into with Maroon Gold Pty Ltd (Maroon), theowner of the Black Jack Mine Site & Processing Plant at Charters Towers. The agreement is for Maroonto undertake mining operations at Agate Creek and process ore through Maroon’s wholly owned CILprocessing plant." And this took place under the standing agreement with the TO re exploration. They wouldn't have gone to the expense of drilling those 51 holes if they didn't have a very good idea that tomorrow's TO's meeting will be a formality.
That's as close to telling us that the TOs decision tomorrow will approve the project proceeding, but, doesn't tell us how long that will take to be formalized by the negotiator and then to the DNRM for the ML. BUT, it says to me that the second last obstacle WILL be removed as a result of tomorrow's TO meeting. So, we still have a few anns to go (a) the FORMAL signing of the deal with the TOs (b) the granting of the ML, (c) results from those 51 holes (d) commencement of the mining.
Now, the deal with Maroon is for just 100,000 tonnes, that should provide a solid cash injection into the company and be interesting to see what they do with it keeping in mind that they still have significant debt to repay.
What's the score with the "wet season" which has "officially" been going for a month, but, you wouldn't think so. Last year's "wet season" wasn't too wet.
Clearly, this is as close as we have EVER been to being satisfied that this project WILL proceed. The time lines are, IMO, our only concerns.
