I would have got back earlier but have been waiting for Hamish Collins (HC) to return my call, so now that I have spoken with Hamish I know what the situation is.
In the July qtrly on page 2: HC says "The company is also progressing a Feasibility Study for the mining and processing............". So the conversation I had with HC centred around what kind of Study was being done.
HC said that at the moment they don't know what kind of Study it will be; because the type of Study will be determined by the outcome of the resource upgrade which the independent resource engineer releases after all drilling and assaying has been completed in the present drilling campaign.
So if AML get enough indicated and measured tonnage in the resource upgrade it will be a DFS, if we don't get enough indicated & measured it will be a PFS and more drilling at Vardy & Marley will have to be done. He went on to say that they will be drilling at Walford Creek for years, but the plan was to bring Vardy & Marley up to a suitable JORC for DFS and get the project going.
He expects drilling to be finished end of Oct early Nov, and with some luck we should have assays by end of year to early next year. On the resource upgrade HC said he would hope to have it released by Feb sometime, (the resource engineer will be away over Xmas). He also said the lab they were using was flat out doing assay work and can't get assay results any quicker.
HC didn't want to be drawn too much at all about project financing or type of arrangements therefore, but he did say that he had a lot of balls in the air on that one, but he also said that they were excited about what was going on at Walford Creek.
So I can't speak to your speculation about the sophisticated investor, but HC is definitely interested to get the ball rolling on developing the project, and we find out about what kind of study it will be when the resource upgrade is announced.
AML Price at posting:
36.5¢ Sentiment: Buy Disclosure: Held
(20min delay)
