Ann: Placement to Raise $1M, page-2

My take is that CXO is getting on with it and it will come quickly.

"Use of fundsThe Company will use the net proceeds from the Offer in a targeted program as follows:• Mining Studies – Jubilee / Overlander/ Kalman/ Elaine• Drilling high-grade copper-gold assets• Generating drilling targets for potential large-scale copper-gold systems at Mt Philip Breccia / Perentie; and• Identifying new copper and gold projects."

I think the market will respond positively to results, hence the initial strategy of drilling of high grade copper-gold deposits.  This strategy is two fold, it gives the soph's a chance to off load at much higher prices and attract new blood to the register. 

In addition, I think the mining studies will be aimed at securing finance for mine development and it will de-risk the projects to hold new blood on the register and give certainty to price direction with the positive turn in the business cycle for copper and gold.

The seeking of approval for director's Mr Russell Davis and Mr Ziggy Lubieniecki (the drivers of the new programs) to allocate them more shares is a strong sign.  The latter is significant and shrewd because the size of their share package IMO will depend on results from drilling targets for potential large-scale copper-gold systems at Mt Philip Breccia / Perentie; and identifying new copper and gold projects. I think they are quietly confident given their reconnaissance of Mt Philip Breccia / Perentie.  They will be extremely busy. 

The vast tenements HMX hold and their quality partnerships was what attracted me in the downturn when finance was restricted and they needed to position themselves for the upturn in the business cycle.  Management are competent, proven performers.  DYOR.

They are quietly going about their business for good reason at the moment.  It is still a company with a relatively small shareholder register.  My thinking is that management want to keep the company in strong hands for some time to come and reap the rewards for their planning and efforts on the ground and go out on top.  These prices will be a fraction of what is to come IMO.